GSP Expires After Congress Fails to Approve Reauthorization
August 12, 2013
Congress was unable to pass legislation renewing Generalized System of Preferences (GSP) before it expired on July 31st, 2013. Although the Senate made efforts to pass a reauthorization bill by unanimous consent before the August recess, Senator Tom Coburn (R-OK) blocked that push by refusing to give his consent without funding offsets. Now that Congress is no longer in session, the soonest GSP can be expected to be renewed is early September after Members have returned.
Additionally, the Andean Trade Preferences Act (ATPA), a program that grants trade preferences to Ecuador, also expired on July 31st.
U.S. Custom and Border Protection released filing instructions in July, outlining procedures filers need to use to mark GSP eligible goods after expiration. Those instructions are currently in effect and can be found here.
For more information, please continue to visit www.barnesrichardson.com.