What does GSP stand for?

Johnson-Sirleaf has moved to implement a number of new economic policies, including cancellation of non-compliant forestry concessions and fraudulent contracts, requiring senior government appointees to declare their financial assets, implementation of cash-management practices to ensure fiscal discipline, and meeting the eligibility requirements under the United States general system of preferences.

The legislature, led by the governing Frente Republicano Guatemalteco (FRG), has been under pressure from the US to adopt a variety of labor reforms recommended by the International Labor Organization (ILO) or face the loss of trade preferences granted by the US under the General System of Preferences (GSP) and the Caribbean Basin Initiative (CBI).

Moreover, 99% of the Communitys' trade with the LDCs carries zero import duty - either as part of the Lome Convention or the General System of Preferences (GSP).

The suppression of the General System of Preferences was also discussed but quickly abandoned because Nigeria already benefits from the much more favourable trade preferences of the Lome Convention.

With a new general agreement on Tariffs and Trade (GATT) in place, Third World exporters who now enjoy preferential access to First World markets under the General System of Preferences (GSP) or under the European Union's African, Caribbean and Pacific (ACP) protocol may gradually lose these privileges.

South Africa is also eager to get better treatment from Europe through the agricultural General System of Preferences (GSP).

The 10 October 1994 Interim agreement between the Republic of South Africa and the EU provides General System of Preferences advantages to South Africa, but these affect only 4.