January 24, 2014
The U.S. Senate has introduced the Generalized System of Preferences (GSP) Update for Production Diversification and Trade Enhancement (UPDATE) Act, which would make U.S. travel goods imports to be eligible for duty-benefits under the GSP program.
Welcomed by the American Apparel & Footwear Association (AAFA), the bill aims to widen consumers’ choices by recognizing that travel goods like luggage, backpacks, and handbags, are no longer “import sensitive”.
The GPS Update Bill will also remove the current prohibition for travel goods to be eligible for duty-benefits. The same bill will allow developing countries to export travel goods products duty-free.