The U.S. Senate and Congress confirmed within the continuation of the General System of Preferences (GSP) that Serbia is on the list of countries which can export goods and services to the U.S. on a preferential regime, the Serbia Investment and Export Promotion Agency (SIEPA) released on Tuesday.
In keeping with this point, Serbian companies are allowed to export over 4.000 products to the U.S. on a customs-free regime until July 31, 2013. The U.S. Congress confirmed that claims for customs duty would be paid back to all importers from the GSP list retroactively for the year of 2011.
This piece of good news will serve as additional encouragement to U.S. importers of Serbian goods while at the same time backing Serbian exporters’ more assertive presentation on the rich U.S. market, SIEPA Director Bozidar Laganin stated.
He added that this will formally round off the scope of markets servicing around one billion consumers to which Serbia exports its goods exempt from customs or with the minimum customs duties, which is also good news for foreign investors.
The GSP is an instrument of trade policy which enables well-developed countries as providers of preferences to grant customs benefits to developing countries as beneficiaries of preferences in order to encourage their exports, industrialisation and up their economic growth rates.
Preferential trade implies that over 140 countries, including Serbia, can export their products to the U.S. exempt of customs or with minimum customs duties.
