GSP duty benefit withdrawal by US will have marginal impact on few sectors, says exporters body FIEO
5 years, 10 months ago

GSP duty benefit withdrawal by US will have marginal impact on few sectors, says exporters body FIEO

Firstpost  

New Delhi: The US decision to withdraw duty benefits under its Generalized System of Preferences programme will have a marginal impact on few domestic sectors such as processed food, leather, plastic, and engineering goods, exporters body FIEO said on Tuesday. Federation of Indian Export Organisations President Ganesh Kumar Gupta said that as these sectors were availing higher GSP benefits, the government should look into providing fiscal support to these segments. “The government should look into providing fiscal support to such sectors so that exporters reduce their export prices factoring in the fiscal support with a view that the landed price of such products remain more or less what was under the GSP regime,” he said in a statement. “Therefore, the GSP withdrawal will also impact the competitiveness of many manufacturing sectors and will hit the consumers at the same time,” he said adding that the import price of most of the chemical products, which constituted a large chunk of India’s exports, is expected to increase by about 5 percent.

India Products Gupta Benefit Sectors Tariff Fiscal Support Gsp Fieo Marginal Impact  india  duty  products  benefit  support  withdrawal  impact  fieo  benefits  marginal  gsp  sectors  tariff  body  exporters  fiscal

History of this topic

US to consider restoring GSP concessions to India
3 years, 1 month ago

US to consider restoring GSP concessions to India

Hindustan Times  

The US-India Trade Policy Forum on Tuesday resumed dialogue after four years where the US said it will consider India’s request for restoring the Generalised System of Preferences that the Trump administration had withdrawn in 2019, affecting Indian exports worth over $6.3 billion, officials said. At the 12th ministerial-level meeting of TPF, co-chaired by commerce minister Piyush Goyal and US …

India urges US to restore duty-free export benefits
3 years, 1 month ago

India urges US to restore duty-free export benefits

Live Mint  

India on Tuesday publicly urged the US to restore duty-free export benefits under the Generalised System of Preferences even as both countries agreed to allow market access for mangoes and pomegranates arils from India and cherries and alfalfa hay from the US. In a joint statement after the Trade Policy Forum meeting co-chaired by India’s trade minister Piyush Goyal and …

44 influential lawmakers urge Trump administration to reinstate GSP for India
5 years, 3 months ago

44 influential lawmakers urge Trump administration to reinstate GSP for India

India TV News  

A group of 44 influential lawmakers has urged the administration under US President Donald Trump to reinstate India's designation as a beneficiary developing nation under the key GSP trade programme as part of a potential trade deal between the two countries. "Companies are telling Congress about the American costs - both in dollars and jobs - of lost GSP eligibility …

Gloves off on trade: on India-U.S. tariff row
5 years, 6 months ago

Gloves off on trade: on India-U.S. tariff row

The Hindu  

The government’s decision to finally go ahead and impose retaliatory tariffs on 29 U.S. goods with effect from June 16, almost a year after it first announced them, unambiguously signals that on trade India has decided to join issue with President Donald Trump’s protectionist administration. Mr. Trump chose to go ahead and proclaim on May 31 that he was terminating …

India might impose retaliatory import tariffs on 29 US items
5 years, 7 months ago

India might impose retaliatory import tariffs on 29 US items

India TV News  

India might finally go ahead to impose retaliatory import tariffs against some US goods, sources said on Friday. According to sources, the long overdue retaliatory move, which was first proposed last year, will consist of tariffs on 29 US items and this can come in effect from as soon as next week. Speculations are that the 29 items imported from …

India to levy retaliatory tariffs on 29 US products
5 years, 7 months ago

India to levy retaliatory tariffs on 29 US products

Hindustan Times  

In what could potentially aggravate trade tensions between India and the US, New Delhi has decided to impose long-pending retaliatory tariffs on 29 US products. India’s move comes ahead of a meeting between US President Donald Trump and Prime Minister Narendra Modi on the sidelines of a G20 summit on June 28-29 in Osaka, Japan. The trade ministry’s move, which …

US open to discussion with India on GSP programme, says Mike Pompeo
5 years, 7 months ago

US open to discussion with India on GSP programme, says Mike Pompeo

Live Mint  

The US could discuss its decision to withdraw duty-free benefits to Indian exporters under the generalized system of preferences scheme, secretary of state Mike Pompeo said on Wednesday. And we’ll probably discuss the recent decision on the GSP programme,” Pompeo said at the India Ideas Summit of the US-India Business Council in Washington. Pompeo also borrowed a line from Prime …

US GSP withdrawal: New markets, subsidy to help India contain trade deficit
5 years, 7 months ago

US GSP withdrawal: New markets, subsidy to help India contain trade deficit

India TV News  

New export markets, financial support and lower crude oil prices are likely to offset the impact on trade deficit caused by US ending preferential treatment to various goods supplied from India. "The withdrawal of GSP benefits to exports will have a one-time impact which will be reflected in the overall trade deficit," Sunil Kumar Sinha, Director, Public Finance and Principal …

U.S. President Donald Trump ends concessions for Indian exports under GSP
5 years, 7 months ago

U.S. President Donald Trump ends concessions for Indian exports under GSP

The Hindu  

A day after a group of journalists was told that India’s access to preferential trade terms under the U.S.’s Generalized System of Preferences was on its way out, U.S. President Donald Trump issued a proclamation ending the trade benefits effective June 5. Mr. Trump had notified the U.S. Congress on March 4 of his intention to end benefits for India …

India to lose preferential trade terms with U.S. under Generalized System of Preferences programme
5 years, 7 months ago

India to lose preferential trade terms with U.S. under Generalized System of Preferences programme

The Hindu  

India will lose access to preferential trade terms with the U.S. under the latter’s Generalized System of Preferences programme, a Senior State Department official told reporters in Washington DC on Thursday. The official, who did not want to be named, said the restoration of benefits remained a possibility if underlying trade issues were resolved, but the withdrawal of India’s GSP …

US suspension of trade programme with India a done deal: US official
5 years, 7 months ago

US suspension of trade programme with India a done deal: US official

India Today  

The suspension of a U.S. trade preference programme with India is a "done deal," a senior State Department official said on Thursday as Prime Minister Narendra Modi began his second term. President Donald Trump announced in March he would end India's access to the decades-old Generalized System of Preferences trade programme over what the U.S. said was lack of access …

Government again extends retaliatory import tariff deadline on 29 US products till 16 May
5 years, 8 months ago

Government again extends retaliatory import tariff deadline on 29 US products till 16 May

Firstpost  

New Delhi: The government has again extended its deadline to impose retaliatory import duties on 29 US products, including almond, walnut and pulses, till 16 May. These deadlines were extended several times since June 2018, when India decided to impose these duties in retaliation to a move by the US to impose high customs duties on certain steel and aluminium …

As US delays withdrawing GSP benefits, India postpones retaliatory tariffs
5 years, 8 months ago

As US delays withdrawing GSP benefits, India postpones retaliatory tariffs

Live Mint  

New Delhi: India on Thursday further delayed implementation of its June 2018 order to impose retaliatory tariffs on 29 US products by 14 days till 16 May as it awaits a final word from the US on its decision to withdraw duty-free benefits to Indian exporters. The US also announced in April last year to review the eligibility criteria of …

Why is GSP vital to India-U.S. trade ties?
5 years, 10 months ago

Why is GSP vital to India-U.S. trade ties?

The Hindu  

What is the programme? According to the website of the U.S. Trade Representative, the GSP helps spur sustainable development in beneficiary countries by helping them increase and diversify their trade with the U.S. The other benefit is that “GSP boosts American competitiveness by reducing the costs of imported inputs used by U.S. companies to manufacture goods in the United States.” …

Donald Trump withdraws GSP duty benefits for India: Seven charts decode India-US trade over a decade
5 years, 10 months ago

Donald Trump withdraws GSP duty benefits for India: Seven charts decode India-US trade over a decade

Firstpost  

India was the largest beneficiary of the GSP programme in 2017 with $5.7 billion in imports given duty-free status US President Donald Trump on Tuesday announced plans to scrap the preferential trade treatment for India, claiming that New Delhi has failed to assure the US of “equitable and reasonable” access to its markets, a move India said will not have …

US to terminate India as GSP beneficiary: Will India approach WTO against Trump administration's threat?
5 years, 10 months ago

US to terminate India as GSP beneficiary: Will India approach WTO against Trump administration's threat?

Firstpost  

The GSP contains a list of countries and products which are allowed entry into the USA duty-free or on payment of lesser duties. Donald Trump, the famously protectionist American President, informed Congress on 5 March, 2019 that he intends to end India’s and Turkey’s preferential trade treatment under Generalized System of Preferences. Impact of removal of India from GSP program …

US to terminate sops on Indian exports: Markets are key and strategic to businesses on both sides, inevitable to reach an understanding
5 years, 10 months ago

US to terminate sops on Indian exports: Markets are key and strategic to businesses on both sides, inevitable to reach an understanding

Firstpost  

US and India should continue to work towards expanding and balancing their partnership in trade and economic space As the United States President Donald Trump announced his intention to bring to an end the preferential trade status enjoyed by India in relation to duty-free exports from India to the United States, it is necessary to understand what this implies for …

US' GSP withdrawal won't hurt India, benefits minimal: Official
5 years, 10 months ago

US' GSP withdrawal won't hurt India, benefits minimal: Official

The Quint  

New Delhi, March 5 Downplaying the likely effects of the US withdrawal of benefits for Indian exports under the Generalised System of Preferences programme, Commerce Secretary Anup Wadhawan on Tuesday said the decision will not have any major impact on overall Indian exports to the US as the concessions availed under the scheme were "minimal". Speaking to reporters here, the …

Miffed with Narendra Modi govt’s actions against US firms, Donald Trump threatens retaliation by ending GSP
5 years, 10 months ago

Miffed with Narendra Modi govt’s actions against US firms, Donald Trump threatens retaliation by ending GSP

Firstpost  

The benefit to Indian exports is very low given the already low US customs duties. Narendra Modi government has not only refused to pussyfoot on Pakistan but also not hesitated to initiate bold actions on the commercial front to the world’s largest economy and economic power house, the USA. It is for the same reason that the US President Donald …

U.S. move to withdraw GSP status will have minimal impact, says India
5 years, 10 months ago

U.S. move to withdraw GSP status will have minimal impact, says India

The Hindu  

The Indian government on Tuesday downplayed the effect of the decision by the United States government to withdraw trade concessions granted to India under the Generalised System of Preferences, with Commerce Secretary Anup Wadhawan saying that the impact would amount to $190 million on total export amount under GSP of $5.6 billion to the US. The US Trade Representative office …

Donald Trump plans to end preferential trade terms for India under GSP
5 years, 10 months ago

Donald Trump plans to end preferential trade terms for India under GSP

The Hindu  

United States President Donald Trump has said he intends to end the preferential trade terms for India under the U.S.’s Generalized System of Preferences program. “I am taking this step because, after intensive engagement between the United States and the Government of India, I have determined that India has not assured the United States that it will provide equitable and …

Donald Trump plans to end India's preferential trade treatment
5 years, 10 months ago

Donald Trump plans to end India's preferential trade treatment

India Today  

US President Donald Trump said on Monday he intends to end India's preferential trade treatment under a program that allows $5.6 billion worth of Indian exports to enter the United States duty free. The US Trade Representative's Office said removing India from the Generalised System of Preferences program would not take effect for at least 60 days after notifications to …

No zero-sum games: on India-U.S. trade hostilities
5 years, 11 months ago

No zero-sum games: on India-U.S. trade hostilities

The Hindu  

There are alarm bells in India over a possible decision by the U.S. Trade Representative to withdraw the Generalised System of Preferences status. The revocation of the GSP, which was first extended to India in 1976 as part of a global concession by the U.S. to help developing countries build their economies, will be a blow to Indian exporters, and …

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