Open AccessThe Generalized System of Preferences and the Comparative Advantage of Less Developed Countries in Manufactures
Author(s) -
Zubair Iqbal
Publication year - 1974
Publication title -
pakistan development review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.154
H-Index - 26
ISSN - 0030-9729
DOI - 10.30541/v13i2pp.158-187
Subject(s) - tariff , international trade , developed country , international economics , developing country , european community , economics , cover (algebra) , business , economic growth , engineering , mechanical engineering , population , demography , sociology
One of the proposals of the first United Nations Conference onTrade and Development in 1964 was the establishment of a system ofpreferential tariff rates favouring existing imports from less developedcountries under which all developed countries would unilaterally reducetheir tariff duties charged on imports from less developed countrieswhile maintaining most¬ favoured-nation rates1 on imports from other(developed) countries. The idea was later extended to cover allmanufactured products and came to be known as the Generalized System ofPreferences (GSP). The first GSP scheme was introduced by the EuropeanEconomic Community on July 1, 1972. It was followed by schemes ofAustria, Denmark, Finland, Ireland, Japan, New Zealand, Sweden,Switzerland and the United Kingdom. Some socialist countries have alsoimplemented GSP schemes.