Congress renews GSP trade program

The GSP (Generalized System of Preferences) Program has been renewed by Congress. More from the official press release from NAM (National Association of Manufacturers):

“Unilaterally lowering our tariffs on products from developing nations through GSP, and to strong allies like Colombia and Peru, is something that is not done lightly,” said Doug Goudie, Director of International Trade Policy for NAM. “It is a choice we make because we believe in the developmental power of trade and the strong, positive influence trade can have on decreasing poverty and boosting economic growth.”

The GSP Program has been extended for 1 more year through December 2009. Here’s more from Barnes/Richardson Global Trade Law.