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Glossary: GSP

Acronym in full: Generalized System of Preferences

The Generalized 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.

 

Related articles:

Related term: WTO

 

 

 

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