Donald trump has end India’s designation as a beneficiary devolping nation under the GSP program. The 60-day notice period ended on May. 2,000 products including auto components and textile materials can enter the US duty-free if the beneficiary developing countries under GSP.
“I have determined that India has not assured the US that it will provide equitable and reasonable access to its markets. Accordingly, it is appropriate to terminate India’s designation as a beneficiary developing country effective June 5, 2019,” Trump said.
U.S. trade preference programs such as the Generalized System of Preferences (GSP) provide opportunities for many of the world’s poorest countries to use trade to grow their economies and climb out of poverty. GSP is the largest and oldest U.S. trade preference program. Established by the Trade Act of 1974, GSP promotes economic development by eliminating duties on thousands of products when imported from one of 120 designated beneficiary countries and territories.GSP promotes economic growth and development in the developing world.
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