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What does ‘GSP’ stand for, in the context of India- US trade?
A)
Globalised System of Partners
B)
Generalized System of Partners
C)
Globalised System of Preferences
D)
Generalized System of Preferences

Correct Answer : Option (D) - Generalized System of Preferences


The United States Trade Representative’s (USTR’s) office has recently classified India as a developed economy and it is ineligible for GSP benefits from the US.
The Generalized System of Preferences (GSP) scheme offers a lower tariff to the exporters of a select group of developing countries. India is the largest beneficiary nation under the GSP, which enjoyed a tariff-free access to the US, till last June.

Published On : July 16, 2021
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