THE WHITE HOUSE
Office of the Press Secretary
WASHINGTON, April 4 /U.S. Newswire/ -- Following is a fact sheet on the Generalized System of Preferences (GSP) eligibility component of the U.S. assistance package for Russia announced at the summit in Vancouver:
Russia is currently legally excluded from receiving the Generalized System of Preferences (GSP), as a successor state to the Soviet Union. The administration will propose the elimination of this legal exclusion, and after ensuring that Russia complies with other legal requirements for GSP eligibility, we will add Russia to the GSP program.
Under the GSP program, the United States grants preferential, duty-free access to 4,400 selected items from the 141 developing countries. The aim of GSP is to enourage trade and foster market forces, as a means of promoting economic development.
In 1992, Russia shipped $46 million to the United States in GSP eligible goods. Based on previous experiences, this volume would be expected to increase once preferential duties are granted.
The U.S. GSP program currently expires in July 1993, unless
renewed by law. The administration is working for the renewal of
the GSP program beyond the date.
/U.S. Newswire 202-347-2770/