Esther Shmunis, Top Billion Finance
Trade Preferences Extension Act Signed
Yesterday, the President signed the Trade Preferences Extension Act of 2015 into law.
The Act grants the President the broad power to submit trade deals to Congress for an up-or-down vote, free from Congressional amendments.
Proponents of the Act maintain that it will provide assistance to U.S. workers displaced by global trade as well as extend programs to create jobs and boost economic output in developing countries.
GENERALIZED SYSTEM OF PREFERENCES EXTENSION ACT OF 2015 (GSP) RENEWED
Congress also renewed the Generalized System Preferences Extension Act, which had expired July 31, 2013. The renewal allowed for reinstatement of the GSP program, allowing all GSP certified goods to be eligible for duty refunds on the condition that the goods were both entered between July 31 and the date the law takes effect. The date of reinstatement also marks the date of liquidation for goods claimed GSP eligible.
Importers must continue to pay all duties on GSP goods, until the reinstatement period transpires.
All refund requests must be filed within 180 days of the reinstatement date, and if approved, will be provided within 90 days of the liquidation period.
Importers that possess goods that may be considered, but not claimed as GSP eligible, should seek assistance through CBP.
ACE EXPORTER ACCOUNTS AND ACE TRADE EXPORT REPORTS
In other related news, the ACE Secure Data Portal has agreed to support the establishment exporter account. The exporter account enables trade users to access ACE Trade Export reports that includes five years of useful export commodity data. An exporter account is required in order to gain access to the ACE data portal.