Washington - United States President Barack Obama has issued a proclamation, according to which the U.S. excludes Russia from the list of developing countries, to which the trade benefits under the Generalized System of Preferences apply, the White House reported on Saturday, Oct. 4.
“Russia is sufficiently advanced in economic development and improved in trade competitiveness that it is appropriate to terminate the designation of Russia as a beneficiary developing country effective Oct. 3, 2014,” reads the document posted on the Web site of the White House.
The U.S. Generalized System of Preferences (GSP) is a program designed to promote economic growth in the developing world by providing preferential duty-free entry into the U.S. for certain products.
