Cambodia's Ministry of Commerce has announced that U.S. President Donald Trump had already signed a document to extend the Generalised System of Preferences (GSP) for Cambodia.
According to the announcement released recently, H.E. Donald Trump on Mar. 23, 2018 inked the H.R. 1625, the Consolidated Appropriations Act, 2018? which in addition to providing full-year federal appropriations through Sept. 30, 2018, extended GSP with retroactivity, for goods entered or withdrawn from warehouse for consumption from Jan. 1, 2018 through Dec. 31, 2020. The new law, effective April 22, 2018, also provided for the retroactive refund of all duties (without interest) to the importer of record (IOR) on GSP-eligible goods entered during the January 1, 2018 through April 21, 2018 lapse period.
Based on the U.S. Customs and Border Protection (CBP)'s directive, it added, all traders who have used Special Programme Indicators (SPI) A (All Developing Beneficiary Countries), can get the refund automatically, underlined the announcement.
Meanwhile, those who have exported products to the U.S. without using SPI A can apply for the refund through CBP (https://www.cbp.gov/trade/prority-issues/trade-agreements/special-trade-legislation/generalized-system-preferences) not later than Sept. 19, 2018.
According to a the Office of the U.S. Trade Representative (USTR), Cambodia is one of the few least-developed WTO Members that took on binding tariff commitments on all products in its tariff schedule. Its overall simple average bound tariff rate is 20.1 percent, while the average applied rate is 11.7 percent. Its highest tariff rate of 35 percent is imposed on several semi processed goods, including processed meat and dairy, processed vegetables and fruits, beverages and tobacco, footwear, and motor vehicles.
Records of the United State Census Bureau show that in the first two months of this year, Cambodia exported some US$620.9 million worth of products to the U.S. market, and imported some US$56.4 million worth of goods from the U.S.
Last year, Cambodian exports to the U.S. were valued at US$3,064.2 million, and the imports at about US$400 million.
Source: Agency Kampuchea Press