ASEAN seeks extension of U.S. GSP<\/p>\n
MANILA (AFP): The Association of Southeast Asian Nations
\n(ASEAN) has sought a further 10 years of preferential trading
\nwith the United States, saying lost revenues from lower tariffs
\nwould be offset by increased U.S. exports to the region,
\nPhilippine officials said.<\/p>\n
The Generalized System of Preferences (GSP) extended to
\ndeveloping countries such as those in ASEAN -- Brunei, Indonesia,
\nMalaysia, the Philippines, Singapore and Thailand -- expires on
\nSept. 30 after a 15-month extension.<\/p>\n
The six ASEAN ambassadors to Washington urged in a letter sent
\nto U.S. Trade representative Michael Kantor that the GSP be
\nextended for 10 more years instead of five years as proposed by
\nthe administration of U.S. President Bill Clinton, Foreign
\nDepartment officials here said.<\/p>\n
Four of the largest beneficiaries of GSP are Jakarta, Kuala
\nLumpur, Manila and Bangkok.<\/p>\n
A GSP renewal will be included in legislation to implement the
\nUruguay Round agreement under the General Agreement on Tariffs
\nand Trade (GATT) to be drafted by the U.S. congress, department
\nofficials said.<\/p>\n
\"We understand there are budget considerations, but we would
\nlike to point out that security provided to beneficiary country
\nproducers and U.S. importers by a 10-year renewal is an extremely
\nvaluable feature,\" said the letter, copies of which were made
\navailable here Friday.<\/p>\n
\"As economies of the beneficiaries grow, so too do
\nopportunities for exporters, importers, and investors in the
\nindustrialized world,\" the letter said.<\/p>\n
Foreign Department officials said ASEAN fears the prospects of
\nUS$12 billion in U.S. revenue losses due to the Uruguay Round
\nagreement could prompt the U.S. Congress to opt for a shorter
\nextension period.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/asean-seeks-extension-of-us-gsp-1447893297",
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"sponsor": "Okusi Associates",
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