House of Representatives Passes GSP Renewal Under Trade Preferences Extension Act of 2015 Legislation

On June 11, the House of Representatives passed the Trade Preferences Extension Act of 2015 bill moving it along to the Senate for Congressional approval. If the bill receives senatorial support, the final step would be for President Obama to sign the legislation into law.

The proposed legislation would reinstate the General Systemof Preference (GSP), retroactively applying benefits to eligible commodities and extend the program until December 31, 2017, renew the African Growth and Opportunity Act (AGOA) for 10 years, as well as provide improved trade benefits to Haiti through the Haiti HELP/HOPE program.

“Critical among this package is the renewal and update of the Generalized System of Preferences program,” said Juanita D. Duggan, president and CEO of the American Apparel and Footwear Association (AAFA). “Renewal of the program will end the $2 million a day companies are losing with the lapse in the program. ”GSP is expected to immediately reduce costs for the U.S. apparel and footwear industry as well as consumers. The program is a crucial piece of this legislation that saved American companies and estimated $750 million in 2012 alone.

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