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Generalized System of Preferences
May 6 , 2018
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- The United States Trade Representative (USTR) has formally announced that it is reviewing the eligibility of India, Indonesia, and Kazakhstan in Generalized System of Preferences (GSP) based on concerns about countries’ compliance with the program.
- The US has decided to review India’s eligibility to enjoy duty-free access for certain products in the American market under a tax benefit scheme.
- GSP is a trade preference programme introduced in 1976 that the US government offers to exporters from other countries to promote economic development by allowing duty-free entry of goods.
- Under the GSP, Indian exports to the US enjoy lower import tariffs compared to those imposed on non-GSP exporters.
- The US Congress in March 2018 had voted to renew GSP through 2020.
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