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Manila Bulletin devider Business devider US Commerce Department bats for GSP renewal

US Commerce Department bats for GSP renewal

Published Jul 13, 2022 04:35 pm

The US Commerce Department has indicated willingness to finally push for the renewal of the US-Generalized System of Preference (US-GSP) for the continued availment of preferential tariff on Philippine exports.

Philippine Ambassador to the US Ambassador Jose Manuel Romualdez said at the Kapihan sa Manila Bay that Philippines, Vietnam and Thailand are working for the renewal of the US-GSP. He said that three countries are in the same situation as to their US-GSP privileges.

Romualdez said that the US Commerce Department has indicated their willingness to push for the enactment of a law that will renew the US-GSP scheme.

On 23 March 2018, US President Donald J. Trump signed the Omnibus Spending Bill which includes the reauthorization/renewal of the US GSP program through 31 December 2020. Every expiration of the program, the US President just have to reauthorize the program. The Biden administration has yet to renew the program.

The US-GSP is a preferential trading arrangement that grants zero duty on the exports of various products to US eligible trading countries, mostly of developing status.

Romualdez, however, said that the renewal has been delayed because of the complicated political system at the US Congress. He noted that if Philippine politics is complicated, it is worse in the US Congress.

But, he said the Philippines has several allies in the US Congress willing to help pass the US-GSP measure.

In 2020, the Philippines ranked 5th globally among the beneficiary developing countries in terms of total claimed US GSP value, only behind Thailand, Indonesia, Brazil, and Cambodia.

The EU GSP+ is a special incentive arrangement for sustainable development and good governance in the form of zero duties. It is a unilateral trade arrangement, which offers zero tariffs on 6,274 products or 66 percent of all EU tariff lines. It is a part of the broader Generalized System of Preferences (GSP) of the EU and, as a developmental tool it seeks to encourage export diversification in developing countries.

Since the successful application of the Philippines to the GSP+ in 2014, the Philippines has enjoyed greater market access to the EU that led to a significant increase in exports. With GSP+, Philippine exports to the EU continue to enjoy double-digit growth rates.

Among the top Philippine exports under the US GSP are new pneumatic tires of rubber; handbags; insulated electric conductors; travel bags; other cane sugar, raw, in solid form; electrothermic hairdressing apparatus other than hair dryers; telescopic sights for rifles; and, non-alcoholic beverages excluding fruit or vegetable juices.

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