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Russia could lose trade privileges with the United States it enjoys under a preferential treatment program for emerging economies
Russia could lose trade privileges with the United States it enjoys under a preferential treatment program for emerging economies, the Economic Development and Trade Ministry said Tuesday. U.S. Trade Representative Susan Schwab announced August 8 a sweeping review of trade benefits covered by the Generalized System of Preferences. "Pursuant to the statement by U.S. Trade Representative Susan Schwab August 8, the underlying principles of the GSP program, which has been in effect virtually without adjustments for the past 20 years and formally expires at the end of 2006, will be radically reviewed," the ministry said on its Web site. Established in 1976, the GSP grants duty-free treatment for goods from 133 developing countries. "The GSP program is expected to exclude countries whose exports to the U.S. exceeded $100 million in 2005, were classified as upper-middle-income economies by the World Bank and their total exports exceeded 0.25% of all global exports that year," the ministry said. According to the Office of the U.S. Trade Representative, the group of these countries comprises Russia, Brazil, India, South Africa, Turkey, Kazakhstan, Croatia, Romania, Indonesia, Thailand, the Philippines, Argentina and Venezuela. Russia's exports to the United States under the Generalized System of Preferences grew 33.2% in 2005 to $738.16 million or 4.8% of the value of the country's exports to the U.S., according to information supplied by the Office of the U.S. Trade Representative.
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