Washington sources reported that US revoked duty free concessions on import of at least 50 Indian products, mostly from handloom and agriculture sectors, reflecting the Trump administration’s tough stand on trade related issues with New Delhi. Meanwhile the federal register issued a notification, listing out 90 products which were so far subject to duty free provisions under the Generalized System of Preferences (GSP).
Meanwhile as of November 1, these products “will no longer qualify for duty free preferences under the GSP program but may continue to be imported subject to regular Most Favored Nation duty rates”. Furthermore US President Donald Trump issued a Presidential proclamation on Tuesday, leading to the removal of these products from the privilege beginning November 1. A review of the products indicates that the presidential proclamation is not country specific, but product specific. Hence with India being the largest beneficiary of the GSP, it has been hit the most by the latest decision.
Moreover the GSP, the largest and oldest US trade preference program, is designed to promote economic development by allowing duty free entry for thousands of products from designated beneficiary countries. Accordingly a count of these products indicated that at least 50 of them are from India. Notably India is the largest beneficiary of the GSP. Earlier in 2017, India’s duty free export to the US under the GSP was to the tune of more than $5.6 billion.
Jagan's New Rule Detrimental to Investments in Andhra Pradesh? The Ruling Party in Andhra Pradesh has introduced a bill on the employment of local candidates in industries and factories mandate the state government to ensure 75 percent of employment opportunities to locals. It also puts the government under obligation to provide training to eligible local candidates.
- AP Opposition Leader & FM had heated argument about WB funding
- Congress Becomes Headless in Andhra Pradesh
- Will 86 Indian Sailors Held Captive in Indonesia be released?
- Three TDP MLAs Suspended from AP Assembly
- YS Jagan's Bumper Offer to Junior NTR?
- Farewell given to ESL Narasimhan by AP CM Jagan
- AP CM Jagan greeted ISRO team for launching Chandrayaan 2 successfully
- UIDAI to appoint adjudicating Officer to deal in contravention cases
- Picture of Priyanka Chopra smoking gone viral
- Chandrayaan 2 successfully launched by ISRO
- Did Kerala successfully fought against Nipah Virus?
- Sri Reddy is tech savvy & knows just how to use social media
- Telangana CM KCR reached his native village
- Why no Top Official greeted Pakistani OM Imran Khan at Dulles Airport?
- Visakhapatnam facing crunch of Domestic flights