How does the GSP work for Least Developed Countries?

How does the GSP work for Least Developed Countries?

Least-developed countries are automatically granted the benefits of the ‘Everything But Arms’ arrangement, even if they have another arrangement in place. All GSP beneficiary countries have to respect the principles of fifteen core conventions on human rights and labour rights listed in the GSP Regulation.

How many products have been withdrawn from GSP?

Already, as of 2018, GSP for 94 products (chiefly handicraft and agricultural products) has been withdrawn for all beneficiary countries. Out of the 94 products for which GSP has been withdrawn, India exports almost 50 products.

Is the Generalized System of Preferences ( GSP ) being restored?

With President Biden taking over the reigns in 2021, it is expected that India-USA ties will improve along with the restoration of the Generalized System of Preferences. There was an indication that restoring the GSP system was on the top of a list of priorities as per the statement made by United States Representative for Trade Katherine C Tai

Can a GSP claim be made after December 31, 2017?

Importations made on or before December 31, 2017, remain unaffected by the aforementioned instructions. Importers may continue to make post-importation GSP claims in accordance with applicable PSC and protest procedures (19 USC 1514, 19 CFR 174).

Already, as of 2018, GSP for 94 products (chiefly handicraft and agricultural products) has been withdrawn for all beneficiary countries. Out of the 94 products for which GSP has been withdrawn, India exports almost 50 products.

How did the GSP system help developing countries?

The USA has a strong GSP regime for developing nations. It was launched in 1976. About 120 countries benefited from the US’s GSP system. Additionally, the US also benefitted from the GSP by way of reduced costs of imported (to the US) goods used by American companies in manufacturing.

With President Biden taking over the reigns in 2021, it is expected that India-USA ties will improve along with the restoration of the Generalized System of Preferences. There was an indication that restoring the GSP system was on the top of a list of priorities as per the statement made by United States Representative for Trade Katherine C Tai

Importations made on or before December 31, 2017, remain unaffected by the aforementioned instructions. Importers may continue to make post-importation GSP claims in accordance with applicable PSC and protest procedures (19 USC 1514, 19 CFR 174).