Global System of Trade Preferences among Developing Countries (GSTP)

The Global System of Trade Preferences among Developing Countries (GSTP) is a trade agreement designed to promote economic cooperation among developing nations. It offers preferential tariff rates—meaning lower import taxes—on certain goods traded between member countries. The goal is to boost intra-developing country trade, reduce reliance on developed nations, and encourage economic growth. Essentially, GSTP helps these countries trade more easily and affordably with each other, strengthening cooperation and fostering development within the group.