Turkey will no longer participate in the Generalized System of Preferences program because it “is sufficiently economically developed,” USTR said in a news release.
The United States provides customs-free access to thousands of products of more than 120 developing countries, which meet the criteria set by the Generalized System of Preferences.
JUSTIFICATION OF THE DECISION
“Per capita income, declining poverty rate, trade partner and industry in terms of exports diversity are the evidence of Turkey’s high level in the economy.” the statement said.
Turkey is one of 120 countries that participate in the GSP, the oldest and largest US trade preference program. It aims to promote economic development in beneficiary countries and territories by eliminating duties on thousands of products. In a statement made by the news agency, India will also be removed from this program.
