Generalized System of Preferences in trade with USA extended

The Chamber of Commerce of Serbia informs all business entities exporting goods and services to the US market or preparing to do so that the validity of the Generalized System of Preferences (GSP) has been extended, that it comes into effect on April 22, 2018 and that it will remain valid until the end of 2020.

As the CCIS announced, GSP is an instrument of the US trade policy which enables the countries that benefit from it to boost the exports, industrialization and economy thanks to customs preferences.

Preferential trade means that 122 countries, Serbia included, can export to the USA free of customs duties or paying a minimal amount. Duty-free export pertains to over 4,900 products, the majority of which are industrial and agricultural products. Furthermore, the goods also need to meet the requirement of origin – at least 35% of the value of an item needs to have been produced in Serbia and the item needs to have been shipped from Serbia directly.

As the previous GSP expired on December 31, 2017, the American partners that paid the customs duties in effect between January 1 and April 22, 2018, and whose products are on the GSP list, may ask the US Customs Service and Border Protection for a repayment of the difference in the amount.

The USA is one of the biggest and wealthiest consumer societies and it provides excellent opportunities for the sale of a wide range of goods and services. The economic cooperation is primarily based on investments by American companies in Serbia, but the practice has shown that the US market is also interested in larger purchases of goods from Serbia, under the condition that Serbian exporters secure stable larger quantities of products, shipment deadlines, the design and the standard adapted to the demands of the American market.

The Serbian economy could export far larger quantities of quality products than it does now, especially agricultural and food products such as fruit and vegetables, fruit and vegetable products, confectionery, wood products and others. Other sectors dominant in the cooperation with the US market are IT, pharmacy, wood industry, as well as mining and energy.

All the information about the Generalized System of Preferences can be found in the GSP Guidebook.

Privredna komora Srbije

CCIS

Generalized System of Preferences

GSP

trade with the USA

trade with America

US trade policy

US customs benefits

export to the USA

duty free export to the USA

export from Serbia to America

export to America

US Customs Service and Border Protection

food industry

export of fruit to the USA

export of vegetables to the USA

export of fruit to America

export of vegetables to America

confectionery industry

export of confectionery to America

wood processing industry

export of furniture to America