Outdoor Industry Association (OIA) has reported that Senator Ron Wyden (D-OR), chairman of the Senate Finance Committee, led a hearing on June 5 on the renewal of the Generalized System of Preferences (GSP). This trade preference program facilitates duty-free imports of select goods from developing countries.

OIA said that since its establishment in the mid-20th century, “GSP has stood as a bipartisan and bicameral bastion of successful international trade collaboration; however, since the program’s expiration in 2020, GSP renewal has fallen victim to congressional inaction. It is the Outdoor Industry Association’s (OIA) hope that Senator Wyden’s and the Finance Committee’s leadership will create the needed momentum to pass GSP renewal into law,” the trade association asserted.

“The GSP program is a hallmark of America’s international trade policies, promoting American values abroad, as well as supporting U.S.-based companies and their workers,” explained Kent Ebersole, president of OIA. “However, since the expiration of GSP in 2020, the outdoor industry has been burdened with $1.53 billion in additional tariffs, hindering innovation and job growth and causing uncertain futures for businesses across the country. OIA applauds Chairman Wyden and the Senate Finance Committee for holding a hearing to address this critical issue. We urge Congress to swiftly renew GSP and look forward to working with policymakers to advance this vital trade program.”

The hearing reportedly builds off of GSP renewal’s passage out of the House Ways and Means Committee last month. OIA and its members would thanked Senator’s Bennet (D-CO) and Cortez Masto (D-NV) for “highlighting the impact of GSP on the Outdoor Industry, as well as Senator Young (R-IN) for raising the importance of lifting Competitive Needs Limitations (CNL) as part of renewal.”

“The outdoor industry strongly encourages House and Senate leaders to work together to retroactively reauthorize this important trade program and keep the adventurous spirit of American entrepreneurs and innovators alive who have built some of our most iconic outdoor brands into a one trillion-dollar recreation economy,” OIA said in its statement.

Image courtesy U.S. Senate Finance Committee