What does GSP mean in International Business?
This page is about the meanings of the acronym/abbreviation/shorthand GSP in the Business field in general and in the International Business terminology in particular.
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Definition
What does GSP mean?
- Generalized System of Preferences
- The Generalized System of Preferences, or GSP, is a preferential tariff system which provides tariff reduction on various products. The concept of GSP is very different from the concept of "most favored nation" (MFN). MFN status provides equal treatment in the case of tariff being imposed by a nation but in case of GSP differential tariff could be imposed by a nation on various countries depending upon factors such as whether it is a developed country or a developing country. Both the rules comes under the purview of WTO. GSP provides tariff reduction for least developed countries but MFN is only for not discriminating among WTO members.
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"GSP." Abbreviations.com. STANDS4 LLC, 2024. Web. 13 Jun 2024. <https://www.abbreviations.com/term/29821>.
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