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Cambodia to export bags and luggages to U.S without taxes
Phnom Penh – United State has announced on expanding the Trade Preferences to Cambodia, under Generalized Scheme of Preferences (GSP), in every local products such as luggage, backpack, purse and wallet to export to US without taxes according to the declaration released from U.S Embassy in Cambodia in July 6th, 2016. The extension of GSP […]
Phnom Penh – United State has announced on expanding the Trade Preferences to Cambodia, under Generalized Scheme of Preferences (GSP), in every local products such as luggage, backpack, purse and wallet to export to US without taxes according to the declaration released from U.S Embassy in Cambodia in July 6th, 2016.
The extension of GSP is not only allowed Cambodia to access to the $10 billion import market in travel goods, but also encourage the development of Cambodia’s textile industry, into the new production sectors for future income.
Mr. William A. Heidt, United States Ambassador to Cambodia, raised that “The announcement from The Office of the U.S Trade Representative has potential to open the newly market for exporting market, as well as, creating thousand job opportunities for Cambodian people. We encourage Cambodian manufacturer to grab this opportunity, which will help to diversify Cambodia’s economic base, spur economic growth, and alleviate poverty.”
GSP is a 40-year-old trading preference system, which provides duty-free treatment to import from beneficiary developing countries, and more products from LDBDCs. Mr. Michael Froman, U.S Trade Representative, added “We use this program to provide the poorest countries around the world a major support in terms of relation with more advanced competitors.
There are about 5000 products, under the GSP, came from various developing countries and favorable territories included 43 least developed countries, can access to the duty-free treatment to U.S. LDBDCs is the only country, which are not required to pay tax over 1,500 products. In 2015, the total value of imports that entered the United States duty-free under the GSP was $17.4 billion.
Trade Preferences Extension Act (TPEA) 2015 allowed Mr. Barack Obama, President of United States, the power to add more of the travel goods into GSP, depends on regular evaluation and submission. 27 small points following in the Harmonized Tariff Schedule (HTS), mentioned in TPEA included luggage, purse, backpack, and wallet.
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