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

U.S. Considering ‘301 probe’ on India

The Deputy U.S. Trade Representative (USTR) has stated that the U.S. will consider a 301 investigation which is a precursor to tariffs and other trade measures. if the trade issues between the two countries are not resolved quickly. The U.S. which is opposing the data localization provisions said India finalizing data localisation policies could be deal-breaker, paving ..

Topics: import duty • India-US • retaliation list • Trade Act of 1974 • trade agreements • trade disputes • US

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 Key Highlights The US has withdrawn preferential tariffs to Indian exports.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 considers withdrawing Generalised System of Preferences from India

The United States is reportedly considering withdrawal of benefits to India under its Generalised System of Preferences amid a widening dispute over its trade and investment policies. The US Trade Representative (USTR) is in the process of completing the review of India’s status as a GSP beneficiary and an announcement was expected over the next ..

Month: Current Affairs - February, 2019

Topics: bilateral trade • Generalised System of Preferences • India • India US trade • Trade Act of 1974 • US Trade Representative • USA