Trade — President Signs FASA-supported GSP Update Act into Law

President Barack Obama on June 29, signed the Trade Preferences Extension Act of 2015 (H.R. 1295) into law. The trade preferences bill includes the FASA-supported GSP Update Act, which makes fashion accessories eligible for duty benefits under the Generalized System of Preferences (GSP) program. Now that fashion accessories are eligible for GSP benefits, FASA will join with others to petition the U.S. government to have fashion accessories formally added to the GSP program. The process could take many months. However, once the government approves the petitions, fashion accessories from developing countries (except for China and Vietnam) can start entering the United States duty-free.