|FOR IMMEDIATE RELEASE
(703) 527-6223 x3074
Today, National Association of Chemical Distributors (NACD) President and CEO Eric R. Byer issued the following statement welcoming the introduction of legislation by Sen. Chuck Grassley (R-IA) extending the Generalized System of Preferences (GSP) for 16 months. Set to expire on December 31, 2020, the GSP program provides American importers with tariff relief on nearly 5,000 products from 120 developing countries.
“GSP is one of the most effective trade preference programs that the United States has at its disposal to facilitate American business. In 2019 alone, GSP saved American companies over $1 billion in import duties while helping the world’s developing countries increase and diversify their trade with the U.S. Allowing this critical program to lapse would cost the American economy over $55 million in the chemical distribution industry alone.
“Should the program be allowed to expire at the end of this year, like it did in 2017, companies would be forced to cut wages and lay off workers, weakening our economy at precisely the moment we need to help push recovery forward amid the COVID-19 pandemic.
“NACD members, and many small businesses, rely on the GSP program to secure costly and hard to find products for their customers. Ensuring companies of all stripes can continue to take advantage of its benefits will have a significant impact on their operations, allowing them to expand their facilities and hire new employees.
“NACD praises Sen. Grassley for making GSP renewal a legislative priority and urges the U.S. House of Representatives to introduce companion legislation so that both chambers can swiftly approve the extension of this vital program.”
NACD and its nearly 430 member companies are vital to the chemical supply chain providing products to over 750,000 end users. NACD members are leaders in health, safety, security, and environmental performance through implementation of Responsible Distribution, established in 1991 as a condition of membership and a third-party-verified management practice. For more information, visit www.NACD.com.
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