What is GSP in the United States of America?

The United States of America’s Generalized System of Preferences (GSP) is the oldest and largest trade preference program established under the Trade Act of 1974 by the US government. The GSP promotes economic development by eliminating certain import duties on thousands of products imported from any of the beneficiary countries under the US’s Generalized system ..

Category: Economy & Banking Current Affairs

Topics: bilateral trade • Generalized System of Preferences • GSP • import duty • minister of commerce and industry • Piyush Goel • Rajya Sabha • Trade Act of 1974 • United States of America

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The United States has withdrawn preferential tariff benefits to India under its Generalized System of Preferences (GSP) Scheme.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 ..

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

India to Impose Retaliatory Tariff on American Goods

India has decided to impose long-pending retaliatory tariffs on 29 US products. This is seen as India s retaliatory measure against US decision to impose tariffs on Indian goods and withdrawal of the Generalized System of Preferences (GSP) for Indian exports. India will be imposing additional customs duties on 29 US products, including almond, walnut ..

Topics: Generalized System of Preferences • GSP • India-US • Trade Conflict • World Trade Organisation • WTO

US takes India off Currency Watch List

The US government has removed India from its currency monitoring watchlist. The countries in the list will be closely monitored by the US for the potential questionable foreign exchange policies. Currency Watch List The US includes major trading partners in the monitoring list if they meet at least two of the following three criteria: If ..

Topics: Currency Watch List • current account surplus • GDP • Generalized System of Preferences • trade surplus • US

Robert Lighthizer urged to not to terminate GSP programme

The Generalized System of Preference (GSP) is the largest and oldest US trade preference programme and is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries. Recently, it is in news because a group of 25 influential American lawmakers has urged the US Trade Representative – Robert ..

Topics: Generalized System of Preferences • GSP • Robert Lighthizer • World Trade Organization