ISSUE :- The US had announced that it will terminate India's designation as a beneficiary of it's Generalized system of preference (GSP) , and latter implemented the same.
ABOUT GSP :- # GSP is the largest and oldest US trade preference program.
# GSP promotes economic development by eliminating duties on thousands of products when import form one of 120 designated beneficiary countries and territories.
# Established by the trade Act of 1974.
BENEFITS OF GSP :- INDIAN exporter benefited by GSP because of lower tariff and import duty on Indian product which makes them more competitive in US market.
IMPECT OF GSP WITHDRAWAL ON INDIA :-
# INDIA export nearly 50 products of 94 product which GSP benefits are stopped.
# 5.6 billion dollars under the GSP route of the total exports of 48 billion dollars on 2017-2018.
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