GSP (Generalized System of Preferences)

The Generalized System of Preferences (GSP) is a program that allows developing countries to export certain goods to developed countries at reduced or zero tariffs. Its goal is to promote economic development by encouraging exports from poorer nations, helping them grow their economies and reduce poverty. GSP benefits importing countries by providing access to a wider variety of goods at lower costs, while also supporting international development goals. The list of eligible countries and products varies, and the program is periodically reviewed to ensure it supports sustainable growth and development.