The Garment Manufacturers Association in Cambodia (GMAC) recently expressed hope that the US generalised system of preferences (GSP) preferential tariff system, which expired on December 31, will be renewed by the Congress in near future so that Cambodian goods entering the United States are spared from the most-favoured nation (MFN) import duty rates.
“Past Congressional practice has been to extend the programme retroactively from the original expiration date, so that importers are refunded [without interest] for the duties incurred during the lapse,” it said in a statement.The Garment Manufacturers Association in Cambodia (GMAC) recently expressed hope that the US generalised system of preferences (GSP) preferential tariff system, which expired on December 31, will be renewed by the Congress in near future so that Cambodian goods entering the United States are spared from the most-favoured nation (MFN) import duty rates.#
“We hope Congress reauthorisation will come soon, and we’ll keep all members updated as new information becomes available,” GMAC was quoted as saing by Cambodian media reports.
The US Congress’ delay affects all 119 designated beneficiary countries and territories.
An amendment to the GSP that went into effect in July 2016 removed US customs tariffs on Cambodian-made travel products such as luggage, backpacks, handbags and wallets.
The items, which previously faced tariffs of between 4.5 and 20 per cent, were allowed duty-free entry into the US under the expanded programme.
Fibre2Fashion News Desk (DS)
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