 A scene from the İskenderun Port in southern Turkey is seen in this file photo. Turkish exporters benefited greatly from the US' Generalized System of Preferences. DAILY NEWS photo |
The duration of the Generalized System of Preferences, or GSP, program in the United States that exempted developing and underdeveloped countries from export tax has not been extended this year.
Turkey was among countries that benefited from the program, especially in some textile products. As of Jan. 1 products exported from Turkey to the U.S. will be subject to normal customs duties.
“The GSP program, launched in accordance with the Trade Act of 1974 for 10 years and periodically extended until today, expired on Dec. 31, 2010,” said Şule Öktenay Akyüz, an international law expert in Washington, D.C. “Products exported from Turkey to the U.S. will be subject to normal tariffs as of 2011.”
Turkey has not yet received any information as to whether the U.S. Congress would opt to extend the program, according to Akyüz. “However, many members of the Congress want an extension,” she said. “The current situation will not negatively affect only developing countries, but also thousands of U.S. companies, too.”
Producers of a total of 4,800 items from 131 countries were benefiting from the program. The export volume of Turkish goods that benefited from the scheme hit $645 million in 2009 and $917 million in 2008.
Turkey was among countries that benefited from the program, especially in some textile products. As of Jan. 1 products exported from Turkey to the U.S. will be subject to normal customs duties.
“The GSP program, launched in accordance with the Trade Act of 1974 for 10 years and periodically extended until today, expired on Dec. 31, 2010,” said Şule Öktenay Akyüz, an international law expert in Washington, D.C. “Products exported from Turkey to the U.S. will be subject to normal tariffs as of 2011.”
Turkey has not yet received any information as to whether the U.S. Congress would opt to extend the program, according to Akyüz. “However, many members of the Congress want an extension,” she said. “The current situation will not negatively affect only developing countries, but also thousands of U.S. companies, too.”
Producers of a total of 4,800 items from 131 countries were benefiting from the program. The export volume of Turkish goods that benefited from the scheme hit $645 million in 2009 and $917 million in 2008.
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