Turkey laments US move to end GSP benefits
The US has removed Turkey from the list of nations getting benefits under the Generalised System of Preferences (GSP), as threatened by it earlier in March. Turkey was the fifth largest beneficiary in the regime, with the programme covering US$ 1.7 billion of exports to the US, while India is the largest with exports of US$ 5.7 billion being covered.
The US justified the move citing Turkey’s level of economic development. However, it also simultaneously cut tariffs on steel imports from Turkey by half to 25%. Ruhsar Pekcan, Trade Minister, Turkey, tweeted on Friday,“The removal of Turkey from the GSP does not comply with our endeavors to achieve $75 billion in bilateral trade volume.”