Book contents
- Frontmatter
- Contents
- About the Editors and Authors
- Acknowledgments
- Law and development perspective on international trade law
- Introduction
- Part I Developing Countries and International Trade
- Part II Law and Development in the World Trade Organization
- Part III Law and Development in Free Trade Agreements
- Part IV Law and Development in Regional Initiatives
- 13 Islands of Prosperity and Poverty
- 14 Trade Preferences and Economic Growth
- 15 Economic Development of North Korea
- 16 Applying the “Specificity” Test in Countervailing Duty Cases in the Context of China's Foreign Investment Policies
- 17 Nonconclusions
- Epilogue
- Index
- References
14 - Trade Preferences and Economic Growth
An Assessment of the U.S. GSP Schemes in the Context of Least Developed Countries
from Part IV - Law and Development in Regional Initiatives
Published online by Cambridge University Press: 05 August 2011
- Frontmatter
- Contents
- About the Editors and Authors
- Acknowledgments
- Law and development perspective on international trade law
- Introduction
- Part I Developing Countries and International Trade
- Part II Law and Development in the World Trade Organization
- Part III Law and Development in Free Trade Agreements
- Part IV Law and Development in Regional Initiatives
- 13 Islands of Prosperity and Poverty
- 14 Trade Preferences and Economic Growth
- 15 Economic Development of North Korea
- 16 Applying the “Specificity” Test in Countervailing Duty Cases in the Context of China's Foreign Investment Policies
- 17 Nonconclusions
- Epilogue
- Index
- References
Summary
Introduction
About four decades ago, in the early 1970s, the now-defunct General Agreement on Tariff and Trade (GATT) adopted a special trade mechanism called the Generalized System of Preferences (GSP), which allowed developed countries to grant differential and favorable treatment to less developed countries. A major objective of the initiative was to increase imports into developed countries of semi-manufactured and manufactured goods from developing countries to promote industrialization and economic growth of the latter and thereby enhance greater integration of these countries into the global economy. Such trade preferences, especially tariff concessions, were expected to induce reallocation of factors of production from traditional sectors to more profitable manufacturing activities in developing countries and thus facilitate trade-based, as opposed to aid-based, international resource transfers from the developed to the developing nations.
- Type
- Chapter
- Information
- Law and Development Perspective on International Trade Law , pp. 334 - 355Publisher: Cambridge University PressPrint publication year: 2011