Economics · Economy
Which of the following statements is correct concerning the Generalized System of Preferences (GSP)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1GSP applies only to agricultural products from developing countries.
- 2GSP requires developing countries to adhere to strict environmental regulations set by the World Trade Organization (WTO).
- 3GSP allows developed countries to impose higher tariffs on imports from developing countries.
- 4GSP is a trade program designed to promote exports from developing countries by providing preferential duty-free entry for products.✓
Correct answer
GSP is a trade program designed to promote exports from developing countries by providing preferential duty-free entry for products.
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