Yesterday, Ways and Means Ranking Member Richard Neal (D-MA) and Trade Subcommittee Ranking Member Bill Pascrell (D-NJ) introduced H.R. 4979, bipartisan legislation that renews the Generalized System of Preferences (GSP) program for three years. The United States’ oldest and largest trade preference program, GSP provides targeted tariff relief while supporting American workers and businesses.

“GSP is commonsense legislation that achieves two aims: increasing the competitiveness of U.S. firms and workers and supporting growth in developing countries that benefit under the program,” said Rep. Pascrell. “The program also boosts small- and medium-sized enterprises. Consider Primetac, a family-owned business from my district that uses GSP-eligible goods to support their industrial packaging business. It is critical that we act quickly to renew this already expired program to support these firms and their employees.”

“GSP is a long-standing program that has enjoyed broad bipartisan support for decades,” said Rep. Neal. “I look forward to working with my colleagues to ensure prompt passage of this legislation.”

The Generalized System of Preferences eliminates duties on thousands of products imported from 120 designated beneficiary countries and territories. The program is designed to boost American companies’ competitiveness, promote worker rights internationally, support economic development across the world, and lower costs for U.S. consumers. H.R. 4979 would both extend GSP through 2020 and grant retroactive benefits to U.S. companies for qualified products imported since the program’s authorization expired on December 31, 2017.