theIASHub | 20 May, 2024
Context: Renewal of the Generalized System of Preferences (GSP) is seen as a strategic move to foster extensive trade discussions between the United States and India, potentially enhancing bilateral trade ties.
Generalized System of Preferences (GSP)
o Reduced or zero tariffs: GSP offers reduced or zero tariffs on imports from eligible developing countries.
o Product in GSP: GSP including agricultural and industrial goods. However, the specific products eligible for preferential treatment can vary between countries and are subject to negotiation and agreement.
o Eligibility: Eligibility for GSP benefits is often based on certain criteria, such as the level of economic development, the country's adherence to certain international agreements, and compliance with specific labour and environmental standards.
o Review and Renewal: GSP arrangements are usually subject to periodic reviews and may need to be renewed or revised. This allows participating countries to assess the impact of the program and make adjustments as needed.
Significance of GSP Restoration for India:
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