India seeks continuation of US preferential trade benefits
13 Dec 2006
Mumbai: India has sought continuation of the generalised system of preferences (GSP) for its exports to the United States. The government has submitted a detailed petition to the US seeking continuation of preferential trade access to the US market, minister of state for commerce Jairam Ramesh informed the Rajya Sabha in a written reply. The US, in its annual trade review, had invited written comments from 13 beneficiary countries, including India, as to whether it should limit, suspend or withdraw the trade benefits to them under the GSP scheme
Of the $18.8 billion worth of US imports from India in 2005, $4.17 billion were duty free under the GSP programme.
Countries with annual GSP utilisation levels above $100 million and are upper middle income economies, as per the World Bank norms, or those countries accounting for over 0.25 per cent of global merchandise exports in 2005, have been taken up for the current review, he said.
