Within the context of
agriculture,
Generalized System of Preferences is defined as:
First authorized by the Trade Act of 1974, GSP allows some 140 developing countries to ship more than 3ꯠ products to the United States duty-free. This helps developing countries to generate foreign exchange needed to purchase import commodities. The United States and 18 other industrialized nations began GSP programs in the mid-1970s to promote the economic growth of developing nations.
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