SOURCE: National Association of Chemical Distributors

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June 24, 2015 18:05 ET

NACD Commends Senate Renewal of Generalized System of Preferences

ARLINGTON, VA--(Marketwired - June 24, 2015) - National Association of Chemical Distributors (NACD) President Eric R. Byer issued the following statement after the U.S. Senate passed trade preferences legislation that, among other provisions, renews the Generalized System of Preferences (GSP) program that expired in July 2013 through December 2017.

"U.S. companies imported $19.9 billion in 2012, which saved these businesses $749 million in tariffs under the GSP program. Without it, importers have faced an estimated $2 million a day in new taxes and are currently paying tariffs on approximately 3,400 products."

"Several NACD members, and many other small businesses, rely on the GSP program. Its expiration has had a significant impact on their operations, restraining members' ability to expand their facilities and hire new employees. While it's unfortunate lawmakers allowed this provision to expire two years ago, we are pleased with recent actions to bring back this trade benefit to American companies that import goods under the GSP program. NACD now calls upon the U.S. House of Representatives to renew GSP immediately."

NACD and its over 440 member companies are vital to the chemical supply chain providing products to over 750,000 end users. NACD members are leaders in health, safety, security, and environmental performance through implementation of Responsible Distribution, established in 1991 as a condition of membership and a third-party verified management practice. For more information, visit www.NACD.com.

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