Question: The United States of America on March 5, 2019 said that it had decided to withdraw the Generalized System of Preferences (GSP) status for India and ____
(a) Turkey
(b) UAE
(c) Pakistan
(d) Sri Lanka
Answer 🙁 a)
Related Facts:
- The United States of America on March 5, 2019 said that it had decided to withdraw the GSP status for India and Turkey.
- This move will have minimal impact.
- The impact would amount to 190 million dollar on total export amount under GSP of 5.6 billion dollar to the US.
- The GSP system is envisaged as a non-reciprocal benefit to developing countries.
- By US Statute, the changes to the Generalized System of Preferences (GSP) status cannot take effect until at least 60 days after the notifications to the US Congress and the Government of India, and will be enacted by a Presidential Proclamation.
Links:
It’s Awesome