{"id":87786,"date":"2019-06-01T11:50:43","date_gmt":"2019-06-01T06:20:43","guid":{"rendered":"http:\/\/factly.forumias.com\/?p=5359"},"modified":"2019-06-01T11:50:43","modified_gmt":"2019-06-01T06:20:43","slug":"us-president-donald-trump-terminates-preferential-trade-status-for-india-under-gsp","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/us-president-donald-trump-terminates-preferential-trade-status-for-india-under-gsp\/","title":{"rendered":"US President Donald Trump terminates preferential trade status for India under GSP"},"content":{"rendered":"\n
  1. The USA has terminated India\u2019s designation as a\nbeneficiary developing nation under the Generalized System of Preferences (GSP)\nprogramme. The US has terminated India\u2019s designation as a beneficiary under GSP\nhighlighting concerns over India not allowing equitable and reasonable access\nto its markets.<\/li>
  2. The decision of U.S comes in the backdrop of\nissues like (a) India\u2019s new rules on e-commerce that affected firms such as\nAmazon and Walmart (b) Data localisation rules which forced foreign companies\nto store their data locally (c) Price controls on medical devices (Cardiac\nstents) (d) Tariff on ICT products such as smart watches and high end mobile\nphones (e) Lack of greater market access for the US dairy industry and (f)\nTrade imbalance between India and the US.<\/li>
  3. GSP is a preferential tariff system extended by\ndeveloped countries to developing countries. It is a preferential arrangement\nin the sense that it allows concessional low\/zero tariff imports from\ndeveloping countries.<\/li>
  4. Countries like the United States and United\nKingdom, as well as the European Union give GSPs to imports from developing\ncountries. The objective of GSP is to give development support to poor\ncountries by promoting exports from them into the developed countries.<\/li>
  5. The GSP of US provides preferential duty-free\nentry for up to 4,800 products from 129 designated countries. According to\nWorld Bank data, India is currently the largest beneficiary of the US\u2019s GSP\nprogramme in 2017 with $5.7 billion in imports to the US given duty-free status<\/li><\/ol>\n

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    The USA has terminated India\u2019s designation as a beneficiary developing nation under the Generalized System of Preferences (GSP) programme. The US has terminated India\u2019s designation as a beneficiary under GSP highlighting concerns over India not allowing equitable and reasonable access to its markets. The decision of U.S comes in the backdrop of issues like (a)… Continue reading US President Donald Trump terminates preferential trade status for India under GSP<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[164],"tags":[3209,2262],"class_list":["post-87786","post","type-post","status-publish","format-standard","hentry","category-international-relations-daily-factly-articles","tag-gsp","tag-india-usa","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704903073},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/87786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=87786"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/87786\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=87786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=87786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=87786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}