US withdrawal of GSP won't impact India: Piyush Goyal

News Bharati    22-Jun-2019
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New Delhi, June 22: “US withdrawal of Generalised System of Preferences will not have a significant impact on India. Indian Industry is competitive in its export products and the government does not foresee a significant impact on the country’s foreign trade.” says Union Commerce Minister Piyush Goyal while giving reply to a question in Rajya Sabha on Friday.


 

The reply further said that the USA has terminated preferential tariff benefits being granted to India under its Generalized System of Preferences scheme from June 5, 2019. India exported goods worth of USD 6.3 billion(as per USTR data) to the U.S. under the GSP programme during the calendar year 2018, which was12.1% of India’s total export to the U.S in that year. The total duty concessions accruing on account of Generalized System of Preferences (GSP) were USD 240 million in 2018 which was about 3.8% of the value of India’s exports to the US availing GSP benefits in 2018. Issues related to dairy products and medical devices were part of the GSP review instituted by the US, which led to the above outcome. These concessions will no longer be available.

Indian exports to Developed Countries during the last five years under their GSP have been given below: