Year 12 | 26 January 2020 | email@example.com
Argentina's top exports under the programme were grape wine, prepared or preserved beef, sugar confections and olive oil
US President Barack Obama said it had not paid $300m in compensation awards in two disputes involving US investors.
He has suspended the South American country from the US Generalized System of Preferences (GSP) programme.
The GSP waives import duties on certain goods from developing countries.
The suspensions will take effect in 60 days.
The US imported $477m of goods from Argentina under the GSP programme in 2011 - about 11% of the total it imported from the country last year.
Argentina's top exports under the programme were grape wine, prepared or preserved beef, sugar confections and olive oil on which the GSP programme waived more than $17m in duties.
The US Trade Representative Ron Kirk said in a statement: "We urge the government of Argentina to pay the subject awards. This would allow us to consider reinstating Argentina's GSP eligibility and promote the growth of a mutually beneficial US-Argentina trade and investment relationship."
by S. C.
02 april 2012, World News > America