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NFTC Joins Other Leading U.S. Business Groups in Urging Congress to Approve GSP Extensions
Date: 11/10/2010
Written By: Jennifer Cummings, The Fratelli Group for NFTC and USA*Engage, (202) 822-9491

Washington, DC – The National Foreign Trade Council (NFTC) today joined with The Coalition for GSP and nearly 100 other companies and business organizations in sending a letter to the leaders of the House Ways and Means Committee and Senate Finance Committee, urging them to support the one-year extension of the Generalized System of Preferences (GSP) before the December 31, 2010 deadline.

The groups wrote:
 
"The GSP program supports American manufacturing by reducing costs of inputs, machinery and equipment. It also helps struggling American families make ends meet by lowering the costs of consumer goods imported duty free under GSP. Congress cannot afford to let this valuable program expire.…

"The GSP program enjoys strong bipartisan support in Congress. Given the continued uncertainty in the U.S. economy and the desire of Congress to pass legislation that benefits American families, workers, and companies, we urge you to make renewal of the GSP program a priority for early action."

"The NFTC was an early proponent of preference reform this year but in lieu of a comprehensive reform effort, we urge Congress to extend the GSP program as soon as possible before adjourning for the year," said NFTC Vice President for Regional Trade Initiatives Chuck Dittrich. "As Congress returns for the lame duck session, extending the GSP and other trade preference programs should be a bipartisan priority. The GSP is critical, as it provides needed economic incentives in developing countries for poverty alleviation while maintaining cost effective inputs for U.S. manufacturing."

To read the full text of the letter, please click here
 
 
About NFTC
Advancing Global Commerce for Over 95 Years - The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules-based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.
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