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Explained: What is GSP status; how US withdrawal of this benefit hits India’s exports

US President Donald Trump on Monday said that he wants to withdraw India?s GSP benefit status due to lack of reciprocity, putting at risk the duty-free import of thousands of goods from India into the US. The withdrawal will become applicable after 60 days of the issue of a notification on the same and would affect India-US trade. Donald Trump said in a letter that India had not assured the US to provide equitable and reasonable access to Indian markets, in return for GSP benefit status. GSP (Generalised System of Preferences) was introduced in 1976 as a US trade […]

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