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US GSP expired on 31/12, not renewed

The US Generalized System of Preferences (GSP) expired for several countries including Sri Lanka on December 31, 2010 as the new Congress has yet to approve its extension, US Embassy sources in Colombo told News Now.lk today.
According to Embassy sources the new US Congress which was elected in November last year did not act on renewing the US GSP to the countries enjoying its benefit including Sri Lanka and as a result that benefit will cease to be issued by the US until it is renewed again, hopefully within a few months.
“I should emphasis this has nothing to do with just Sri Lanka. This applies to over 100 countries including Sri Lanka which were enjoying the benefit,” the US Embassy source in Colombo told News Now.lk.
Legislation passed in Congress on December 22, contained a six week extension of the Andean Trade Preferences Act/Andean Trade Promotion and Drug Eradication Act (ATPA/ATPDEA) and Trade Adjustment Assistance (TAA), but did not contain an extension of the GSP program.
The Office of the U.S. Trade Representative (USTR) has noted the exclusion of the GSP extension from the legislation means GSP expired on December 31, 2010 but the Obama Administration is expected to continue to work with the new Congress in an effort to secure a full, long-term reauthorization of GSP, ATPA, and TAA. (News Now.lk)

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