Impact of U.S. decision to end preferential terms for India

0
785
Export Import - India
Export Import - India
0 0
Azadi Ka Amrit Mahoutsav

InterServer Web Hosting and VPS
Read Time:1 Minute, 57 Second

Impact of U.S. decision to end preferential terms for India

By PIB Delhi

Some Developed Countries including European Union (EU) provide unilateral tariff preferences on exports from developing countries/least developing country under their Generalised System of Preferences(GSP) Scheme.

USA has terminated preferential tariff benefits being granted to India under its Generalized System of Preferences scheme from June 5, 2019. India exported goods worth of USD 6.3 billion(as per USTR data) to U.S. under the GSP programme during the calendar year 2018, which was12.1% of India’s total export to U.S in that year. The total duty concessions accruing on account of Generalized System of Preferences (GSP) were USD 240 million in 2018 which was about 3.8% of the value of India’s exports to the US availing GSP benefits in 2018. Issues related to dairy products and medical devices were part of the GSP review instituted by the US, which led to the above outcome. These concessions will no longer be available.

The impact will vary across products depending on the individual product concessions constituting the average tariff concession of 3.8% of the value of the India’s export to the US availing GSP benefits, and other factors specific to each product. Indian industry is competitive in their export products and we do not foresee significant impact on our foreign trade.

Trade related issues are a part of any ongoing economic relationship, and will continue to be discussed and addressed as a part of the regular bilateral trade engagement between India the US.

Indian exports to Developed Countries during the last five years under their GSP have been given below:

Importing CountriesNo.of tariff lines with GSP20142015201620172018
Values in US $ millions
Australia1050(10 digit HS)464.04340.53319.66389.74445.76
New Zealand804(10 digit HS)18.7122.5121.8927.9329.05
Belarus2839(10 digit HS)11.348.3713.1216.4821.25
Kazakhstan2839(10 digit HS)6.034.975.385.685.72
Russia2847(10 digit HS)464.56371.23430.69426.56478.68
Japan3037(9 digit HS)2972.431839.761614.851818.401719.45
USA2595(8 digit HS)4476.04622.34740.85690.86307.3
EU (28)7249(10 digit HS)22583.5320764.6320769.8523938.6725965.15

This information was given by the Minister of Commerce and Industry, PiyushGoyal, in written replies in the Rajya Sabha ON 21st Jun 2019.

About Post Author

Suman Munshi

Founder Editor of IBG NEWS (15/Mar/2012- 09/Aug/2018). Recipient of Udar Akash Rokeya Shakhawat Hossain Award 2018. National Geographic & Canon Wild Clicks 2011 jury and public poll winner. Studied Post Graduate Advance Dip in Computer Sc., MBA IT,LIMS (USA & Australia), GxP(USA & UK),BA (Sociology) Dip in Journalism (Ireland), Diploma in Vedic Astrology, Numerology, Palmistry, Vastu Shastra & Feng Sui 25 years in the digital & IT industry with Global MNCs' worked & traveled in USA, UK, Europe, Singapore, Australia, Bangladesh & many other countries. Education and Training advance management and R&D Technology from India, USA, UK, Australia. Over 30 Certification from Global leaders in R&D and Education. Computer Science Teacher, IT & LIMS expert with a wide fan following in his community. General Secretary West Bengal State Committee of All Indian Reporter’s Association
Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %

Advertisements
IBG NEWS Radio Services

Listen to IBG NEWS Radio Service today.


InterServer Web Hosting and VPS

LEAVE A REPLY

Please enter your comment!
Please enter your name here