Which of the following statements is correct concerning the Generalized System of Preferences (GSP)?
1
GSP is a trade program designed to promote exports from developing countries by providing preferential duty-free entry for products.
2
GSP allows developed countries to impose higher tariffs on imports from developing countries.
3
GSP requires developing countries to adhere to strict environmental regulations set by the World Trade Organization (WTO).
4
GSP applies only to agricultural products from developing countries.
5
Question Not Attempted