Senate Finance Committee Holds Hearing on Renewal of Generalized System of Preferences (GSP) and Additional Trade Preference Programs

June 5, 2024

WASHINGTON, D.C. (June 5, 2024)/OUTDOOR SPORTSWIRE/ – Senator Ron Wyden (D-OR), Chairman of the Senate Finance Committee, led an important hearing today on the renewal of the Generalized System of Preferences (GSP), a vital trade preference program that facilitates duty-free imports of select goods from developing countries. 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 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. 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,” Kent Ebersole, President of Outdoor Industry Association, said. “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.”

Today’s hearing builds off GSP renewal’s successful passage out of the House Ways and Means Committee last month. OIA and its members would like to thank 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.

About the Outdoor Industry Association

Based in Boulder, Colo., with offices in Washington, D.C., Outdoor Industry Association (OIA) is a catalyst for meaningful change. A member-based collective, OIA is a passionate group of business leaders, climate experts, policymakers, and outdoor enthusiasts committed to sustainable economic growth and climate positivity while protecting – and growing access to – the benefits of the outdoors for everyone. For more than 30 years, OIA has catalyzed a thriving outdoor industry by supporting the success of every member company across four critically aligned areas: market research, sustainability, government affairs, and inclusive participation. OIA delivers success for its members through education, events, and business services in the form of solutions and strategies, consultation, collaboration, and opportunities for collective action. For more information, visit outdoorindustry.org

Media Contact: Chris Denny / Denny, ink. / 435-655-1609 / chris@dennyink.com