Trump regime pulls the plug on GSP for India
US has put an end to benefits available to India under the Generalized System of Preferences (GSP). The move came after the US administration concluded that India has not committed to provide “equitable and reasonable access to its markets” for the US. However, some officials in the government are optimistic that this may just be a temporary move; for in the past, US reinstated GSP after having withdrawn it from Argentina, Liberia & Myanmar. Meanwhile, India has postponed the deadline to impose retaliatory tariffs on 29 goods originating in the US to June 16 and is yet to take a call if it wants to apply for restoration of GSP.
US Congress has identified 15 discretionary and mandatory eligibility criteria to qualify for GSP such as providing the US with equitable and reasonable market access, combating child labour and protecting intellectual property rights.