United States mulling over restoring GSP status for India

United States is mulling over restoring India’s beneficiary status under its trade preference programme Generalised System of Preferences (GSP) on receiving a counterbalancing proposal from New Delhi.

Daily Current Affairs Quiz 2020

US Trade Representative Robert Lighthizer reported US were in negotiations with India and took away the Generalized System of Preferences (GSP) status of India.

Senator Cantwell expressed disappointment over high import tariffs on apples from her State to India.

Generalized System of Preferences

GSP is the largest and oldest U.S. trade preference program.

Generalized System of Preferences (GSP) provide opportunities for many of the world’s poorest countries to use trade to grow their economies and climb out of poverty.  

Established by the Trade Act of 1974, GSP promotes economic development by eliminating duties on thousands of products when imported from one of 119 designated beneficiary countries and territories.

The GSP Guidebook provides basic information on the program.