Are you worried about not getting your retroactive duty payments when GSP is reauthorized? Are you not sure how to guarantee repayment of duties? You have come to the right place!
Sandler Trade recently offered a well-received Webinar called “GSP Expiration and Prospects for Renewal: What to Know and Do While Awaiting Congressional Action.” This webinar covered the Generalized System of Preferences Program (GSP) and:
- Legislative vehicles for GSP renewal.
- What businesses can do to advocate for quicker renewal.
- What importers should do to help ensure timely reimbursement when GSP is renewed retroactively.
- Past GSP expirations and importers’ problems with getting duties repaid.
Dan Anthony of the Coalition for GSP (http://renewgsptoday.com/) also spoke about the importer coalition’s efforts to advocate for GSP Renewal. This effort mirrors Sandler Trade LLC’s Alliance for GSP Countries’ (www.allianceforgsp.org) educational effort with senior trade and other Congressional staff in Congress. The Alliance and the Coalition for GSP have been coordinating their efforts since the Alliance’s inception in order to bring more awareness domestically as well as internationally on the importance of GSP.
According to the Coalition of GSP, U.S. companies pay more than $2 million daily in unexpected duties. The bill grows larger and more costly every day GSP remains expired. U.S. businesses in California, New Jersey, and Texas have paid $16.2 million, $10.3 million, and $9.7 million, respectively, over a two-month period.
The lack of GSP renewal is hitting U.S. businesses as well as GSP country suppliers. New exporters to the U.S. market that were doing well when their products were entering under GSP have been losing their customers since GSP expiration. In addition, companies exporting less than $100,000 annually have been adversely affected more than larger exporters.
In addition, a Georgia importer called Sandler Trade LLC recently to say that it will have to change sourcing countries because the company can no longer afford to pay the duties levied on its products. This will hurt both the importer as well as the small business in the GSP beneficiary country that will lose a customer.
If you or your company is interested in learning more about how to ensure the refund of duties paid, please contact Yasmine Rouaï at email@example.com.