The generalized system of preferences is a framework under which developed countries give preferential tariff treatment to manufactured goods imported from developing countries.

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Quizplus · Accepted Answer

The statement is accurate. The Generalized System of Preferences (GSP) is a program that offers preferential tariff treatment for certain products imported from designated beneficiary developing countries. This program is provided by many developed countries, including the United States, the European Union, and Japan, among others. The purpose of the GSP is to promote economic development in the developing countries and enhance their integration into the global economy by providing them with better access to the markets of the developed countries.

The Generalized System of Preferences Is a Framework Under Which