India expects US to restore benefits under GPS |
As the date for US withdrawing benefits to India under the Generalized System of Preferences nears, experts believe that the US pulling the plug on duty concessions on $5.6 billion of Indian exports may not mean the end of benefits under the GSP, citing instances when the benefits were reinstated. The US terminated preferential tariffs to Indian exports on Friday after determining that it has not committed to provide “equitable and reasonable access to its markets” for the US. An official said, This is not the end of GSP benefits, possibly because the US has restored the benefits in the past to other countries after withdrawing them. There have been instances where they have restored the GSP. India knows their expectations and there are areas where the national interests need to be balanced, not compromised. Argentina, Liberia and Myanmar are the few countries that has the benefits reinstated after they made “sufficient progress” to become eligible for them. Though the two sides have been interacting regularly through telephones and video conferencing, India is yet to decide whether to seek restoration of the GSP duty concessions.
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