Q. Consider the following statements regarding India's exports under the Generalised System of Preferences (GSP):

1. The United States withdrew India's GSP beneficiary status in 2019.
2. GSP provides duty-free access for certain Indian goods to developed country markets.
3. GSP is a World Trade Organization (WTO)-mandated preferential scheme.
4. Only developed countries can extend GSP to developing countries.

Which of the above statements is / are correct?
Answer: 1 and 2 only
Notes: The United States revoked India's GSP status in 2019, ending duty-free access for many Indian products. GSP offers trade benefits to developing countries, allowing certain products tariff-free entry to developed economies. GSP is a unilateral, non-mandatory scheme, not mandated by the WTO. Furthermore, some advanced developing countries also extend such preferences, not just developed nations. Only statements 1 and 2 are correct.