FOR IMMEDIATE RELEASE
April 18, 2024

Contact:
Nate Bell
Sr. Manager, Member Communications & Programs
571-348-5100
nbell@socma.org

SOCMA Supports the Passage of Legislation out of the House Ways and Means Committee to Reauthorize GSP

Arlington, VA—SOCMA strongly supports the passage of H.R. 7986, legislation to reauthorize the Generalized System of Preferences Program (GSP), by the House Committee on Ways and Means.

The GSP program would allow tariff adjustment for domestic manufacturers on imports from developing nations, benefitting SOCMA members who import various inputs utilized to manufacture chemicals in vital markets ranging from aerospace and electronics to pharmaceuticals and agriculture. Since GSP expired in December of 2021, SOCMA has actively advocated for the reauthorization of this program.

“The Generalized System of Preferences boosts global competitiveness for SOCMA members while creating economic opportunity in developing countries,”  stated Robert Helminiak, Vice President of Legal and Government Relations. “We applaud Chairman Jason Smith and Trade Subcommittee Chair Adrian Smith for their efforts to renew the program and look forward to its swift passage by the full House of Representatives.”

For more information on GSP and SOCMA’s other trade priorities, visit our website dedicated to trade: Strengthening U.S. Competitiveness in the Specialty Chemical Industry – Society of Chemical Manufacturers & Affiliates | Society of Chemical Manufacturers & Affiliates (socma.org)


About SOCMA:

SOCMA is the only U.S.-based trade association solely dedicated to the specialty and fine chemicals industry. Our members play an indispensable role in the global chemical supply chain, providing specialty chemicals to companies in markets ranging from consumer products and electronics to pharmaceuticals and agriculture. Visit https://www.socma.org. 

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