GSP promotes American values. In addition to promoting economic opportunities in developing countries, the GSP programme also supports the progress made by beneficiary countries in developing workers` rights for their populations, enforcing intellectual property rights and supporting the rule of law. As part of the annual GSP review, the USTR conducts an in-depth review of recipient countries` practices in response to petitions from interested parties. The EU continuously monitors the effective implementation of the 27 international conventions on human rights, workers` rights, environmental protection and good governance in GSP+ beneficiary countries. This monitoring includes information exchange, dialogue and visits and involves different stakeholders, including civil society. The Commission publishes every two years a report on the implementation of the GSP on the progress made by the GSP+ beneficiary countries in implementing the 27 international conventions. The Generalized System of Preferences (GSP), established in 1971 under the auspices of UNCTAD, has contributed over the years to creating a favourable trading environment for developing countries. The following 13 countries grant preferences for GSP: Australia, Belarus, Canada, the European Union, Iceland, Japan, Kazakhstan, New Zealand, Norway, the Russian Federation, Switzerland, Turkey and the United States of America. Nearly 50 years ago, the United Nations Conference on Trade and Development called on industrialized countries to help developing countries integrate into the world economy.
The Generalised System of Preferences (GSP) has been set up and a dozen countries now have GSP mechanisms. U.S. preferential trade programs such as the Generalized System of Preferences (GSP) offer many of the world`s poorest countries the opportunity to use trade to grow their economies and lift themselves out of poverty. The GSP is the largest and oldest of the US trade preferences. The GSP, introduced by the Trade Act 1974, promotes economic development by removing tariffs on thousands of products when imported from one of the 119 designated beneficiary countries and territories. The GSP guide contains basic information about the program. In 1971, GATT followed UNCTAD`s lead and granted two exemptions to the most general remuneration scheme, which allowed for the granting of tariff preferences to products from developing countries. Both waivers were limited to ten years.