Industry News

Russia to Lose GSP Benefits

May 8, 2014

Earlier today, President Obama announced the determination that Russia no longer qualifies as a beneficiary developing country for purposes of the Generalized System of Preferences. In his announcement, the President said: " I have determined that it is appropriate to withdraw Russia's designation as a beneficiary developing country under the GSP program because Russia is sufficiently advanced in economic development and improved in trade competitiveness that continued preferential treatment under the GSP is not warranted. I intend to issue a proclamation withdrawing Russia's designation consistent with section 502(f)(2) of the 1974 Act."