Moldova to continue to export industrial goods to USA without paying customs duties

Chisinau, 15 July /MOLDPRES/ - US President Barak Obama has promulgated the law on expanding the Generalised System of Preferences (GSP), of which Moldovan entrepreneurs benefit, till 31 December 2017, after it expired on 31 July 2013. Thus, the Moldovan companies will be able to export industrial goods to the US market without paying customs duties for another 2 years, according to a press release by the Economics Ministry.

According to the U.S. law, the exemption from customs duties to imports of goods eligible within GSP will enter into force on 29 July 2015.

The mentioned document retroactively provides the reimbursement of taxes paid for goods exported starting from 31 July 2013. The procedure may take up to 90 days once records removed or re-removed. During the month of July, the U.S. Customs and Border Protection will issue a notification in the federal register, in which will provide details on how the reimbursement may be gotten.

Early in July, the United States Trade Representative has started a review of GSP products and will launch the 2015 annual review of products and countries eligible for this type of trade in next August.

GSP is a programme meant to promote the increase of economies of developing countries by preference customs duty exemption to import to USA for about 5,000 products from 122 states.

The data of the National Bureau of Statistics show that the Moldovan exports to the USA increased by 12.1 per cent, up to 11 million dollars in the first five months of 2015. The USA ranked the fifteenth among the Moldova’s export partners in 2014, with a trade turnover of 32 million, up by 27 per cent against 2014.

(Reporter V. Bercu, Editor L. Alcaza)