Yesterday, the U.S. Chamber of Commerce sent a letter urging Congressional leaders to renew GSP before its scheduled expiration on July 31. The letter stated that: “GSP has been an effective tool promoting market-based economic growth in developing countries, bolstering U.S. manufacturing, and expanding consumer choice. The Chamber urges you to swiftly renew this important program.”

It also noted that leverage provided by GSP’s eligibility criteria “to encourage beneficiary countries to protect intellectual property, treat U.S. investors fairly, and improve labor practices, among other reforms.”

The Chamber sent the letter to Senate Finance Committee Chairman Max Baucus and Ranking Member Orrin Hatch, House Ways & Means Committee Chairman Dave Camp and Ranking Member Sander Levin, and all individual Senate Finance and House Ways & Means Committee members.

Last week, the Chamber was one of more than 230 American companies and associations to sign a similar letter urging GSP renewal, which noted that U.S. companies will be forced to pay approximately $2 million per day in new taxes if Congress fails to renew GSP.

Calls for GSP renewal continue to grow: since the Coalition letter was sent on June 17, dozens of new companies and associations have joined the GSP Supporter List, which now includes 272 organizations.