On June 29, 2015, the President of the United States Barak Obama signed the Trade Preferences Extension Act of 2015. Title II of the Act authorizes GSP through December 31, 2017 and makes GSP retroactive to July 31, 2013. As provided in the Act, duty-free treatment of GSP-eligible imports will become effective 30 days after enactment (July 29, 2015).
Thus, the Moldovan companies will be able to export industrial goods to the U.S. without paying customs duties, the Ministry of Economy has said, quoted by IPN.
As the GSP program was renewed retroactively, the U.S. Customs and Border Protection (CBP) will reimburse U.S. importers for tariffs paid on eligible products during the gap period. Importers should be advised that duties collected may take up to 90 days after liquidation or reliquidation of entries to process and refund retroactively. In July 2015, CBP will be issuing a notice in the Federal Register providing further guidance on the renewal and how to obtain a refund.
Established by the Trade Act of 1974, GSP promotes economic development by eliminating duties on up to 5,000 types of products when imported from one of 122 designated beneficiary countries and territories.
