In a blog post earlier today, John Murphy of the U.S. Chamber of Commerce highlighted the need for Congress to renew GSP swiftly as it considers the broader trade agenda. Murphy wrote:
As Washington debates a bill to renew Trade Promotion Authority (TPA), several other pieces of pending trade legislation also are calling out for attention. One of these is the Generalized System of Preferences…
The article noted numerous GSP benefits, including lower costs for American manufacturers and families and promoting economic development throughout the world. It cited a 2006 study commissioned by the Chamber, one of the nearly 700 companies and associations now urging immediate GSP renewal, showing GSP supported 80,000 US jobs.
Yet while there is broad, bipartisan support for GSP, uncertainty remains:
It isn’t clear whether TPA be will renewed as part of an omnibus trade bill that could include GSP or if these other trade bills might advance in parallel. In any event, GSP must not be left behind.
After 20+ months and well over $1 billion in taxes paid because of expiration, we could not agree more.