FRIDAY, APRIL 3, 1987
5.
UNITED STATES ANNOUNCES 1987 GENERALISED SCHEME OF PREFERENCES
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+ THE US ANNOUNCED ON APRIL 2, 1987 SOME CHANGES TO ITS GENERALISED SCHEME OF PREFERENCES,+ A TRADE DEPARTMENT SPOKESMAN SAID TODAY (FRIDAY),
THE CHANGES WHICH WILL AFFECT HONG KONG ARE AS FOLLOWS:
(1)
(11)
(111)
NINE NEW ITEMS INCLUDING CERTAIN HOUSEHOLD WARE, AND TIME SWITCHES HAVE BEEN ADDED TO THE GSP LIST. US IMPORTS OF THESE NINE ITEMS FROM HONG KONG IN 1986 AMOUNTED TO US $1.1 MILLION. SUCH IMPORTS FROM HONG KONG WILL IN FUTURE FË ELIGIBLE FOR GSP BENEFITS.
ELEVEN ITEMS INCLUDING CORDLESS HANDSET TELEPHONES, ANTENNAS, AND CERTAIN TOY ITEMS HAVE BEEN RE-DESIGNATED AS ELIGIBLE FOR DUTY-FREE GSP STATUS. IMPORTS OF THESE ITEMS FROM HONG KONG IN 1986 WERE US $188.8 MILLION.
DE MINIMUS WAIVERS HAVE BEEN GRANTED TO CERTAIN PRODUCT3,
IMPORTS OF WHICH FROM HONG KONG IN 1986 AMOUNTED TO US $29.2 MILLION.
(IV) HONG KONG WILL LOSE ELIGIBILITY IN 10 ITEMS, TRADE IN
WHICH IN 1986 AMOUNTED TO US $329 MILLION,
THESE CHANGES WILL COME INTO EFFECT FROM JULY 1, 1987.
IN OVERALL TERMS, BASED ON 1986 DATA, HONG KONG WILL LOSE ELIGIBILITY IN ABOUT US $140 MILLION WORTH OF TRADE. THIS COMPARES WITH A TOTAL US $1.2 BILLION OF TRADE FROM HONG KONG WHICH ENJOYED GSP DUTY FREE STATUS IN 1985.
COMMENTING ON THE CHANGES, THE TRADE DEPARTMENT SPOKESMAN SAID THAT THEY AROSE FROM THE 1987 REVIEW OF THE GSP PROGRAMME. THE REVIEW DECIDES THE ELIGIBILITY STATUS OF INDIVIDUAL PRODUCTS BASED ON 1986 TRADE DATA, MEASURED AGAINST THE COMPETITIVE NEED LEVELS SET FOR EACH PRODUCT UNDER THE PRESIDENTIAL REVIEW OF THE PROGRAMME. THE PRESIDENTIAL REVIEW WAS COMPLETED ON JANUARY 2, 1987.
THE SPOKESMAN SAID THAT MOST OF THE TRADE WHICH WILL BE REDESIGNATED AS ELIGIBLE FOR GSP BENEFITS AS A RESULT OF THE ANNUAL REVIEW IS FOR PRODUCTS WHICH WERE GRANTED A WAIVER FROM PAYING DUTY UNDER THE PRESIDENTIAL REVIEW.
MOST OF THE TRADE WHICH WILL LOSE ELIGIBILITY LIES IN PRODUCT3 FOR WHICH THE NEW, LOWER COMPETITIVE NEED LEVELS WERE PUT IN PLACE UNDER THE PRESIDENTIAL REVIEW.
THE SPOKESMAN ADDED THAT THE DEPARTMENT WOULD EXAMINE THE RESULTS IN MORE DETAIL WHEN FURTHER INFORMATION ON THE CHANGES BECOMES AVAILABLE.
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