Washington, Pret. The US is considering restoring India’s status under its trade preference program ‘Generalized System of Preferences, GSP’. This information was given by a top official of the Trump administration on Thursday and said that a proposal has been sent for this from New Delhi. Currently, the US-India negotiations are being held for this. US Trade Representative Robert Lighthizer told members of the Senate Finance Committee, ‘We are talking to India, we have taken their GSP status and it depends on the offer they get from them, then we can restore it Can. ‘
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The decision to end the GSP status given to India by the US came into force earlier this month. With this, exports to the US by New Delhi will now become expensive. Under GSP, India’s goods in the US used to get duty exemption, which has now ended. Apart from this, ending the exemption granted to India under GSP in the US will have the greatest impact on the engineering sector.
Know what is GSP
The Generalized System of Preferences, GSP is an age-old system of priority given by the US to other countries in trade, which is quite widespread. The oldest and largest system of preference. This system was introduced in 1976 to increase the economic growth of developing countries. Under this, countries with status are allowed to export thousands of goods to the US at no charge. From 2017, India started getting exemptions under this status. So far, about 129 countries have benefited from this system for about 4,800 goods.
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