Rep. Ander Crenshaw (R-FL) and Sen. Roy Blunt (R-MO) reintroduced the GSP Update for Production Diversification and Trade Enhancement Act to both houses of Congress on Tuesday.
Also known as the GSP UPDATE Act, the legislation is expected to help boost the American economy by opening new markets of production to the United States travel goods industry and providing commercial opportunities to key international trade partners, such as Thailand, Indonesia and the Philippines.
“In these tough economic times, Congress must work to promote economic growth and job creation,” Crenshaw, chairman of the House Appropriations Subcommittee on Financial Services, said. “This bill accomplishes that goal for the travel goods industry in Florida, Missouri, Nebraska and across the nation. Moreover, the GSP UPDATE Act is an opportunity to enhance a successful global development program for our partners and allies, and in so doing strengthen our national security in key world regions.”
If the bill passes and is signed into law, the U.S. Trade Representative would consider travel goods such as purses, briefcases and backpacks to be duty-free products under the GSP program. This would be a huge benefit to American businesses within the travels goods industry.
“That’s a ‘win-win’ for companies like Coach, in Jacksonville, Florida, as well as our national security strategy in countries around the globe” Crenshaw added. “The bill would give the travel goods industry viable market alternatives to China, which is not a GSP country. American businesses need tools to help them move forward, and I strongly encourage my House colleagues to support me in an effort to strengthen opportunities for this sector of our economy.”
When the GSP program was originally established in 1974, travel goods were exempted.
“I’m pleased to re-introduce this important bipartisan bill to help eliminate import taxes on certain U.S. products and travel goods, and I thank my colleagues in the House and Senate for their support as we work to give these companies more opportunities to grow and create jobs for middle-class Americans,” Blunt said.