Washington, D.C. – The Office of the U.S. Trade Representative issued the following statement concerning President Obama’s notification to remove Russia’s trade benefits under the Generalized System of Preferences (GSP).
“The purpose of the Generalized System of Preferences is to assist developing countries to use trade to boost their economic development,” said Ambassador Froman. “Russia has advanced beyond the level of economic development and competitiveness for GSP eligibility. As such, Russia should no longer qualify to receive GSP benefits. The President’s decision is consistent with the World Bank's designation of Russia as a ‘high income country’ as well as actions by the European Union and Canada to remove Russia from similar programs.”
