GSP to Expire
The Generalized System of Preference (GSP) extensions were removed from the Omnibus Trade Act of 2010 before Congress adjourned on December 22. All beneficiary countries except the African Growth and Opportunity Act (AGOA) countries will lose GSP benefits when the program expires after midnight, December 31, 2010.
Importers are encouraged to continue to file entries using GSP special indicator codes (A and A+) for eligible goods after the deadline, but must pay column 1 rates of duty. The subsequent use of SPI codes will make processing retroactive refunds easier in the event GSP is reauthorized when Congress convenes in January 2011.
Reference document: CSMS# 10-000292 – GSP termination