Under the Generalized System of Preferences program, the major industrial countries agree to temporarily reduce tariffs on designated imports from other industrial countries.

Question

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The Generalized System of Preferences (GSP) program is designed to promote economic growth in the developing world by providing preferential duty-free entry for up to 4,800 products from 129 designated beneficiary countries and territories, not between industrial countries.

Under the Generalized System of Preferences Program, the Major Industrial