Outgoing U.S. Ambassador to Lebanon David Hale said Wednesday that a newly reinstituted trade program would help boost Lebanon’s economic growth by granting Lebanese exporters duty-free access to the U.S. market. Late last month, President Barack Obama signed a law reactivating the Generalized System of Preferences, a trade program that was established in 1974 but halted in 2013.
The program aims to stimulate economic growth in Lebanon and 121 other designated countries by providing preferential, duty-free entry to the U.S. for nearly 5,000 eligible products.
The newly signed law ensures that the GSP will remain in effect until 2017 and also makes the benefits of the program retroactive, meaning that Lebanese exporters can recover any import duties paid during the lapse since 2013.
Following talks on strengthening Lebanese-American economic ties, Hale and Economy Minister Alain Hakim held a joint news conference at the Economy and Trade Ministry Wednesday to explain the reauthorization of the GSP program.
“The GSP program allows select nations, including Lebanon, to export their products to America without paying duties and customs,” Hale said.
Hale said that almost all Lebanese exports to the U.S. are GSP-eligible products that can be exported duty-free. In 2012, 96 percent of Lebanese exports to the U.S. fell under this category and were granted entry into the U.S. market duty-free, he said.
The ambassador said the GSP demonstrates America’s commitment to supporting Lebanon and its economy, adding that Washington would continue to support programs and events that promote bilateral business relations.
