East Timor |
Trade News: In January 2007,
President Bush designated East
Timor as a least developed beneficiary developing country (LDBDC)
under the Generalized System of Preferences (GSP) program. Congress created the U.S. GSP program in
1974 to expand the choices of American industry and consumers while creating
economic opportunities in developing countries. The GSP program provides
preferential duty-free treatment for 3,400 products from 134 designated
beneficiary developing countries (BDCs) and territories. In 1996, an additional 1,400 articles
from just least LDBDCs, such as East Timor,
were made eligible for duty-free treatment. There are 43 LDBDCs currently
eligible.
Trade Data: U.S. goods exports in 2006 were $12
million (mostly repaired imports).
Corresponding U.S.
imports from East Timor were $12 thousand
(mostly returns).
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