Trade

USA Issued 60 Day Withdrawal Notice for GSP Benefits to India

Since the review initiated by the US in April 2018 on India's GSP benefits, India and US have been discussing various trade issues of bilateral interest for a suitable resolution on mutually acceptable terms. GSP benefits are envisaged to be non-reciprocal and non-discriminatory benefits extended by developed countries to developing countries. In India's case, the GSP concessions extended by the US amounted to duty reduction of only USD 190 million per annum.