GSP Current Affairs, GK & News

US removed “Developing” Tag for India: What are its implications?

Recently, the United States of America removed the “developing” tag for dozens of countries. India is one amongst them. These countries are to be classified as developed economies Highlights The “Developing” status for a country in the US is associated with US Trade Act, 1974. The act authorized General System of Preferences (GSP). The intention ..

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India to partially open up Poultry and Diary Markets to imports from US

Ahead of President Trump’s visit by the end of February 2020, GoI has announced that it is to partially open the poultry and Diary market to imports from US. Highlights India will now allow imports of US turkey, chicken legs blueberries and cherries. The tarrif on Chicken legs are to be cut from 100% to ..

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India not eligible for US’ GSP benefits

The United States Trade Representative’s (USTR’s) office has recently classified India as a developed economy and it is ineligible for GSP benefits from the US. The Generalized System of Preferences (GSP) scheme offers a lower tariff to the exporters of a select group of developing countries. India is the largest beneficiary nation under the GSP, which enjoyed ..

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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 ..

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The United States has withdrawn preferential tariff benefits to India under its Generalized System of Preferences (GSP) Scheme.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

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