Lebanese exports to enter US without customs until 2017

The US Ambassador to Lebanon David Hale met yesterday with Lebanese Economy Minister Dr. Alan Hakeem to discuss continued cooperation to boost American-Lebanese economic relations. The main focus of discussions was the resuming of the US Generalized System of Preferences GSP program which aims at strengthening commercial ties and promoting economic growth and stability, by granting Lebanese products a competitive edge in the US market. The long-term program provides preferential duty-free entry of eligible Lebanese goods, and other 121 selected countries, to the United States markets. Despite the suspension of the program in 2013, the recent law reauthorized the introduction of the GSP through the year 2017, thus allowing the US Customs and Border Protection to refund duties paid on such products during the suspension period. According to Al Diyar daily, Lebanon can become a big beneficiary from the program with a possibility to export nearly 3500 products. Hakeem pointed out that the US will undertake a general review of all products and beneficiary countries this coming August adding that Lebanon must compete against more than 5000 products from 122 nations, which could possibly benefit from the GSP program. (As Safir, Al Diyar, 23 July 2015)