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Glossary: GSP

Acronym in full: Generalised System of Preferences

The Generalised System of Preferences (GSP) allows WTO member to lower tariffs for the least developed countries, without also lowering tariffs for rich countries. The principle of GSP was agreed at the United Nations Conference on Trade and Development (UNCTAD), and is a facility granted to developing countries ("beneficiary countries") by certain developed countries ("donor countries"). The GSP schemes offered by the various donor countries and their rules of origin differ fundamentally.


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Related term: WTO




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