U.S. rolls back GSP preferential tariff system for ArmeniaMarch 31, 2018 - 10:41 AMT PanARMENIAN.Net - The United States is bringing back the Generalized System of Preferences (GSP) for Armenia, the ministry of economic development and investments said Friday, March 30. The GSP provides duty-free treatment to goods of designated beneficiary countries. The program was authorized by the Trade Act of 1974 to promote economic growth in the developing countries. The GSP periodically expires and must be renewed by Congress to remain in effect. According to the statement of the Armenian ministry, the GSP is rolled back retrospectively, which means importers can apply for a refund of customs duties paid before the relaunch (from January 1 to April 22, 2018). Armenia also benefits from the GSP+ (the improved version of the Generalized Scheme of Preferences) of the European Union, which allows vulnerable developing countries to pay fewer or no duties on exports to the EU, giving them vital access to the EU market and contributing to their growth. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |