Indian exporters, after an 18 months prolonged wait finally gets extension for generalised system of preference (GSP) from the US government on Tuesday. The US government has renewed GSP benefits for Indian exporters, retrospectively from August 2013 till December 2017, enabling duty-free entry of 3,500 product lines which exported in July 2013.
The move is expected to benefit exporters of textiles, engineering, gems and jewellery, and chemical products, among others, as their biggest market is the US. It is likely to increase the quantum of exports into the US markets.
Exporters are also hopeful that with an increased demand in those markers, exporters can enjoy double benefits.
According to Ajay Sahai, chief executive officer, Federation of Indian Export Organisations, this is going to boost exports to the US markets. Demand is going up there and exporters will benefit from such a move. This has been one of our long-pending demands. Merchandise exports can except to see a turnaround as competitiveness will now increase.
In the GSP a wide range of industrial and agricultural products originating in certain developing countries are given preferential access to American markets. This is given in the form of reduced or zero rates of customs duties. It was introduced by the US in 1976. During the United Progressive Alliance regime, then Commerce Minister Anand Sharma had taken up the matter strongly. This was the longest delay by the US in renewing the GSP.
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