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TeachMeFinance.com - explain Generalized System of Preferences (GSP) Generalized System of Preferences (GSP) The term 'Generalized System of Preferences (GSP) ' as it applies to the area of agriculture can be defined as ' First authorized by the Trade Act of 1974, GSP allows some 140 developing countries to ship more than 3,000 products to the United States duty-free. This helps developing countries to generate foreign exchange needed to purchase import commodities. The United States and 18 other industrialized nations began GSP programs in the mid-1970s to promote the economic growth of developing nations'. Previous 5 Terms: General Fund Of The Treasury General Revenue General Sales Manager (GSM) General Wind generalize Next 5 Terms: Generally accepted accounting principles (GAAP) Generally Recognized as Safe (GRAS) generating area Generating facility Generating station About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.