Georgian products loose GSP benefits
By Messenger Staff
Tuesday, August 6Georgia lost its rights to use the Generalized System of Preferences (GSP) system while exporting products to the US. As the result of the decision of the US authorities, Georgian products will become more expensive and their competitiveness in the US market will be endangered. So while Georgia is making efforts to sign the free trade agreements with the EU it is losing GSP status with the US.
The terms for GSP expired on July 31, 2013. According to the Georgian Ministry of Economy, discussions for continuing the agreement are underway. However, the question appears: why has this issue not been settled in due time when the GSP embraced more than 3 000 nominations of the Georgian export production to the US? Currently these preferences have been lost.