Generalized System of Preferences (GSP)

The Generalized System of Preferences (GSP) is a trade program that allows developing countries to export certain goods to developed countries at reduced tariffs or duty-free. Its goal is to promote economic growth, development, and integration into the global economy by giving these countries more favorable trade conditions. This benefit encourages developing nations to produce and export more, boosting their economies and capacity for sustainable development. The GSP is offered by many developed countries, which set specific rules and lists of eligible products and participating nations.