हाउ डस यूएसए डेवलप्ड इट्स इकोनामिक
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The office of the United States Trade Representative (USTR) maintains a list of countries that it classifies as “developing”, “developed”, and “least-developed”. Countries that are classified as “developing” are allowed to export certain goods to the U.S. without being hit by punitive tariffs that are usually imposed on goods from “developed” countries. The “developing country” status owes its origin to the U.S. Trade Act of 1974, which authorised the Generalized System of Preferences (GSP) to help poor countries develop faster. These benefits were extended further under the World Trade Organization wherein rich countries agreed to grant trade benefits to countries that classified themselves as poor. It is worth noting that about two-thirds of countries that are members of the WTO classify themselves as “developing” countries and avail benefits.