Newsletter | Nov 2024
Updates in FTA's and GSP with significant effects of the state of trade for the United States
TOP NEWS
In a significant development for the U.S.-Chile trade relations, the two nations have approved a pivotal agreement that bolsters the existing Free Trade Agreement (FTA) between them. This new accord, formalized through an exchange of letters, introduces enhanced protections for U.S. cheese exports to Chile—an essential market for American dairy products.
The new agreement comes in response to recent developments in global trade. Chile recently finalized a Free Trade Agreement (FTA) with the European Union (EU). This agreement included provisions to protect geographical indications (GIs) for various European cheeses, potentially impacting U.S. cheese exports. GIs are designations used to identify products originating from a specific place, often associated with unique qualities or reputations.
To address potential challenges posed by the EU’s GI protections, the Biden Administration engaged in negotiations to secure additional protections for U.S. cheeses in Chile. This proactive approach aims to prevent U.S. cheese products from losing market access or facing new trade barriers due to the EU’s FTA with Chile.
WHATS HAPPENING AT ITM?
Congratulations to Alan Wineburgh on reaching his 8-year work anniversary! Alan has been an integral part of the ITM team and has helped a multitude of clients get their well deserved returns from U.S. Customs. Jack LaMadeleine also celebrates his 1-year anniversary with the ITM team. Jack has been a strong asset to the team in educating new clientele on the services offered at ITM. The team celebrates both of their achievements throughout the years and looks forward to many to come.
MORE NEWS
In 2020, the Generalized System of Preferences (GSP) program—a cornerstone of U.S. trade policy that provided duty-free access to goods from designated beneficiary countries—lapsed. Despite ongoing discussions about its significance, it has yet to be reauthorized. This gap has created a cloud of uncertainty for both the beneficiary nations and the businesses that rely on the program. The story of the GSP lapse is not just about a specific trade program but is emblematic of a broader collapse in U.S. trade policy over the past 15 years.
Read more on GSP and the U.S./Chile FTA Below:
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