A quick update on recent good news on U.S. imports from emerging markets:
1. Congress reauthorized through July 2013 the Generalized System of Preferences (GSP) program. This means that eligible exports from 129 developing countries will begin to enter the U.S. duty-free.
2. Congress passed Free Trade Agreements with Colombia, Panama, and Korea. That means that, depending on the product, two-way trade with each of these countries will be free of duties. Other positive changes will affect services, investments, protection of intellectual property, and all other aspects of trade.
3. Congress also reauthorized the Andean Trade Preferences Program, which now will affect only products from Ecuador.
4. Our friends at U.S. Customs and Border Patrol have kindly shared early words on how to get your refunds:
GSP will be officially reinstated 15 days after the President signs the bill – anticipated to be early this week. U.S. importers who made the claim during the hiatus will receive their refunds automatically. For those U.S. importers who did not make the claim of GSP during the lapse:
a. should file post entry amendments (PEAs) if they use the Automated Commercial System (ACS); or
b. should file Post Summary Corrections (PSCs) if they use the newer and smaller Automated Commercial Environment (ACE).
These procedures are the same as they would be to make any other change prior to liquidation. The PEA and PSC refund procedures will be noted in a memo that Customs will soon issue to announce the reinstatement of GSP.
If you have any questions, please let us know!