The Serbian Chamber of Commerce has informed companies that are exporting or are preparing to export goods and services to the US that the General Scheme of Preferences (GSP) has been reinstated.
The GSP, which is a preferential tariff system which provides for a formal system of exemption from the more general rules of the World Trade Organization (WTO), will come into force on 22nd April this year and will be valid until the end of 2020.
Preferential trade means that, apart from other 122 countries, Serbia can also export to the United States without customs duties or at a minimum customs duty applied. Non-tariff exports cover more than 4,900 products, of which the largest number is industrial and agricultural.
The exported goods also must satisfy the criterion of origin – at least 35% of the goods must be produced in Serbia and delivered directly from Serbia.
Since the previous GSP programme expired on 31st December, 2017, the companies that exported to the US and paid a relevant customs duty between1st January and 22nd, 2018, and which products are on the GSP list, may request a part refund of the paid customs duty from the US Customs Administration (US Customs Service and Border Protection).
The Serbian economy could export far larger quantities of quality products than it does now, especially agricultural and food products such as fruit and vegetables, fruit and vegetable products, confectionery, wood-based products and others. Other sectors that dominate in the external trade with the US market are IT, pharmaceutical, wood industry, as well as mining and energy.
All the information about the Generalized System of Preferences can be found in the GSP Guidebook.
(Nova Ekonomija, 03.04.2018)
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