GSP withdrawal didn’t hit Indian exports: CIM
While addressing the Parliament on Wednesday, Commerce and Industry Minister Shri Piyush Goyal stated that so far the cumulative exports under the Generalised System of Preference (GSP) tariff lines have not declined in the post GSP withdrawal period (June – Oct 2019) as compared to the corresponding period of the previous year. India exported goods worth of US$ 6.3 billion (as per USTR figures) to the US under the GSP regime.
Under the GSP, certain products can enter the US duty-free if beneficiary developing countries meet the eligibility criteria established by their Congress. Some of these criteria include respecting arbitral awards in favour of American citizens or corporations, combating child labour, respecting internationally recognized worker rights, providing adequate and effective intellectual property protection, and providing the US with equitable and reasonable market access.