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Generalized System of Preferences - India
February 13 , 2019
1984 days
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- Vowing to reduce the U.S. deficit with large economies, the US President is planning to withdraw the Generalised System of Preferences (GSP) from India.
- India is World’s largest beneficiary of this scheme that has been in force since the 1970s.
- The trigger for the latest downturn in trade ties was India’s new rules on e-commerce that restrict the rapidly growing online market.
- With this, India could lose a vital U.S. trade concession, under which it enjoys zero tariffs on $5.6 billion of exports to the United States.
- The Generalized System of Preferences (GSP) is a U.S. trade program designed to promote economic growth in the developing world by providing preferential duty-free entry for up to 4,800 products from 129 designated beneficiary countries and territories.
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