WASHINGTON, D.C. — The United States Congress is expected to reapprove the Generalized System of Preferences (GSP) which granted duty-free privileges to more than 3,500 exports from the Philippines.
According to Philippine Ambassador to United States Jose Manuel “Babe” Romualdez, the reapproval of the GSP by the US Congress is expected by November.
“Actually, there is already a move from the US Congress to approve it,” Romualdez told Filipino reporters participating in a reporting and immersion tour here.
The development followed the historic trilateral leaders’ summit in Washington DC attended by US President Joe Biden, Philippine President Ferdinand Marcos Jr. and Japanese Prime Minister Fumio Kishida.
During his visit to the US, Marcos appealed to US lawmakers to fast-track the reauthorization of the GSP, which he said is important as “the future with the US will be sustained not only through the country’s ironclad security and defense alliance, but also through closer economic integration.”
Romualdez said a number of countries are also appealing to US lawmakers to legislate the GSP, which he noted would be beneficial to the manufacturing companies in the Philippines.
“We are talking about leather goods, for instance, leather items that are being manufactured in the Philippines by American companies,” he said.
Established by the Trade Act of 1974, the GSP is the oldest and largest US trade preference program, promoting economic development by eliminating duties on thousands of products when imported from one of 119 designated beneficiary countries and territories.
