What benefit does the Generalized System of Preferences (GSP) program provide?

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Exports from developing nations to developed countries receive reduced tariff ratesImports by developing countries from developed nations gain lower tariff chargesDeveloping countries are allowed to bypass the most-favored-nation ruleDeveloped countries can disregard the most-favored-nation principle

Explanation

The GSP program grants developing countries the advantage of exporting goods to developed countries with preferential tariff rates, facilitating easier market access. It does not apply to imports by developing countries nor does it allow either party to ignore the most-favored-nation clause.