General System of Preferences (GSP)
General System of Preferences (GSP) : A system of tariff preferences designed to encourage the expansion of manufactured and semi-manufactured exports from developing countries. It is part of the tariff structures of numerous developed countries. The program covers a broad spectrum of agricultural, manufactured, and semimanufactured products, but stipulates that certain products may not be designated GSP eligible due to the import sensitivity of domestic industries. See also: Generalised System of Preferences
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