US withdraws India’s GSP benefits

The United States of America (USA) President Donald Trump terminated India’s designation as a beneficiary developing nation under the GSP (Generalized System of Preference) trade program w.e.f. 5 June 2019. Key Highlights The US has withdrawn preferential tariffs to Indian exports. The step was taken on determining that India has not committed to provide “equitable ..

Month: Current Affairs - June, 2019

Topics: Generalized System of Preference • GSP Benefits • India-US • intellectual property rights • Trade Act of 1974 • US President Donald Trump • US withdraws GSP Benefits

US to end preferential trade terms Under GSP for India

The US President Trump has terminated India’s designation as a beneficiary developing nation under the Generalized System of Preference (GSP) trade programme. Why did the US Withdrew? The US has stated that: India did not assure the US that it will provide equitable and reasonable access to its markets. India has implemented a wide array ..

Topics: developing countries • duty-free access • Economic development • Generalized System of Preference • GSP • India-US • preferential trade terms • Trade Act of 1974 • US

US Plans To End India’s Preferential Trade Status

President Trump notified the Congress his intent to terminate trade benefits for both India and Turkey under the Generalized System of Preference (GSP) eligibility criteria. India and GSP About 2,000 products, including auto components and textiles, can enter the US duty-free if the beneficiary developing country meet the eligibility criteria. India was the largest beneficiary ..

Month: Current Affairs - March, 2019

Topics: Generalized System of Preference • GSP • India • India-US • Preferential Trade Status • Trade Deficit • Turkey