Generalized System of Preferences
Points to be covered ABC of GSP GSP - India and US Why is status being withdrawn Impact Way forward
ABC of GSP UNCTAD Tokyo Round of Multilateral negotiations – 1979 RoO (Rules of Origin) Origin Criteria Transport Conditions Documentary Evidence Advantages
GSP - India and US
Why is it being withdrawn Trade deficit Dairy products, stent issue and local data storage, e-commerce rules etc India a Tariff King? Inward looking policies
Impact India’s export to be affected US market will also get affected MSME sectors affected Threat from competitors Trade deficit Exports spread across 13 sectors so impact could be minimal US market will also get affected Industries use intermediary goods to export final goods Was seeking to replace China Escalation may lead to further losses
Way forward Reciprocal taxes Approach WTO Give and take Provide support to the exporters Enter into negotiations with other countries