El Sistema Generalizado de Preferencias: las razones de una frustración (Generalized System of Preferences: The Reasons for the Frustration)

Trade preferences towards developing countries do not seem to have been up to the expectations they created in the latter as a way to guarantee their access to markets in developed countries. In this article, I describe the main characteristics of the Generalized System of Preferences (GSP), review its economic effects and limitations and point out the grounds which caused its gradual loss of relevance in international trade relationships. Finally, I consider the causes of GSP failure and whether or not it is worthwhile to undertake its reform as a mechanism of unilateral trade liberalization alternative to the current regional integration projects (establishment of free trade areas and custom unions) proliferating in the last decade or multilateral liberalization within the World Trade Organization.