Explanation:

The Generalized System of Preferences are unilateral, non-reciprocal and non-discriminatory benefits extended by some developed nations to developing countries.

GSP was instituted on 1 January 1976, by Trade Act of 1974. The U.S. designed trade program seeks to promote economic growth in developing countries by providing preferential duty-free entry for up to 4,800 products from 129 designated beneficiary countries and territories.