US Congress likely to approve Indonesia's GSP proposal

US Congress likely to approve Indonesia’s GSP proposal

The US Congress will likely approve Indonesia's request for the expansion of a Generalized System of Preference (GSP) facility, industry sources report. Indonesia felt the need to expand the GSP facility because of the earthquake that hit the country last week. Although the US Congress has not made a final decision on the issue, it is expected to approve the expansion of GSP facility soon. Indonesia, in its proposal last month, asked the US Congress to cut import duties on certain product categories that carry duties ranging between 2-7.5%. Indonesia especially wants import duties on steel products to be suspended. The US GSP is a program designed to promote economic growth in the world. The GSP program provides preferential, duty-free entry for more than 4'650 products from 144 designated beneficiary countries and territories.