U.S. President Donald Trump has signed the reauthorization of the Generalized System of Preference (GSP) program for Sri Lanka, which had expired at the end of last year.
“On Friday (March 23), President Trump signed a budget bill that included the reauthorization of the Generalized System of Preference Program through December 31, 2020.”
“Both Sri Lanka and Maldives are eligible for this program which enhances the trade relationship between United States and international partners,” the US Embassy in Colombo said today (28).
The US’s GSP program expired on 31st December, 2017, and all those importing GSP eligible goods to the USA, from Sri Lanka as well as all other beneficiary countries and territories were subject to non-preferential duties from 1st January, 2018.
The US GSP expires periodically, and must be renewed by the US Congress to remain in effect. The 2015 GSP reauthorization (H.R. 1295) expired on 31st December 31, 2017 and the US Congress had not re-authorized its renewal before adjourning for the year 2017.
