ARGENTINA: Country Retakes Zero Tariff Exports To The U.S.
Regional Argentinean products will enter the U.S. market at zero tariff after the South American country managed to return to the Generalized System of Preferences (GSP) for exports to the United States after six years. According to the Casa Rosada, the decision implies that more than 500 Argentine products may enter the United States at zero tariff.
The GSP consists of the granting of tariff preferences by developed countries to certain products exported from developing countries, which receive preferential treatment and significant tariff reductions. The measure was signed by U.S. President Donald Trump last week, according to the U.S. Trade Representative Robert Lighthizer.
"The United States Congress must renew the continuity of the system, as it does annually, with retroactive effect to January 1, 2018," he explained in a statement released by the Argentinean Foreign Ministry.
The Argentinean Foreign Minister Jorge Faurie deemed his country's return to the GSP as "a clear recognition of the efforts carried out by Argentina to strengthen its economy and deepen its insertion in international trade."
He emphasized that his country is expected "to recover a commercial channel that will provide new and greater opportunities for Argentinean exporters and regional economies."
In 2011, the last year in which Argentina was in the GSP, the beneficiary products recorded exports of US$ 464 million, which represents 10% of total Argentinean exports to the United States.