04/10/2014 16:10
Decision to eliminate Russia from US GSP trade benefits comes into force
The United States will terminate Russia's designation as a beneficiary developing country, a status aimed at boosting a country's economy through reduced tariffs under the Generalized System of Preferences (GSP), a presidential proclamation from US President Barack Obama said on the White House official website, according to RIA Novosti.
"I have determined that Russia is sufficiently advanced in economic development and improved in trade competitiveness that it is appropriate to terminate the designation of Russia as a beneficiary developing country effective October 3, 2014," the statement on the White House's official website said.
According to the document, the decision came into force on Friday.
President Obama notified the Congress and Russia of the change on May 7, 2014 prior to the withdrawal of the trade preferences granted to Russia in accordance to the GSP.
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