Terminology Service: SST: Generalized System of Preferences

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Generalized System of Preferences

The Generalized System of Preferences (GSP) gives developing countries preferential access to markets in wealthier countries. The GSP is an exemption from World Trade Organization (WTO) rules requiring member nations to set the same tariffs and customs fees on all countries (except those granted Most Favored Nation status). [Source: Encyclopedia of U.S.-Latin American Relations; Generalized System of Preferences (GSP)]

https://concepts.sagepub.com/social-science/concept/Generalized_System_of_Preferences

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