Generalized System of Preferences Reform Act

HR 7986, the Generalized System of Preferences Reform Act, extends the GSP program - which provides duty-free treatment for certain imports from developing countries - through December 2030. The bill modifies eligibility criteria for beneficiary countries, adding requirements related to human rights practices, digital trade policies, agricultural market access, and anti-corruption efforts. It requires annual assessments of beneficiary countries' compliance with eligibility standards and creates an expedited process for updating which products qualify for duty-free treatment. The legislation also updates rules of origin requirements and competitive need limitations for certain imports. The GSP program directly affects importing businesses and developing countries that currently qualify for duty-free treatment under the program.