Preferential Tariff Benefits to India
The United States has withdrawn preferential tariff benefits to India under its Generalized System of Preferences (GSP) Scheme. India is a beneficiary of preferential tariff benefits provided by Armenia, Australia, European Union, Japan, Kazakhstan, New Zealand, Norway, Russian Federation, Switzerland Turkey, among others.
Preferential Tariff Trade Continues to Grow
Indian exports to the countries offering preferential tariff benefits was nearly five times the total exports to the US in 2018.
India exported $6.3 billion worth of goods to the US under GSP in 2018 and availed duty concession to the tune of $240 million. The exports to other countries offering preferential tariffs continue to grow.
Among the group of countries that provided GSP benefit to India, exports to EU nations were highest, followed by the US, Japan, Russia and Australia.
Category: Government Schemes Current Affairs
Topics: Australia • European Union • Generalized System of Preferences • GSP • Japan • Kazakhstan • New Zealand • Norway • Preferential Tariff • Russian Federation • Switzerland Turkey • United States