With reference to the Generalized System of Preferences (GSP), consider the following statements:
1. GSP is a voluntary trade measure that provides preferential tariff treatment to imports from developing countries.
2. The GSP is a reciprocal trade measure, requiring beneficiary countries to provide customs duty preferences to developed nations.
Which of the statements given above is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2