Photo: BloombergNew Delhi: Indian exports up to $5.6 billion could be hit as the US pressures India for greater market access by declaring a review of the generalized system of preferences (GSP) through which Indian exporters get preferential market access to the US. The total US imports under GSP in 2017 was $21.2 billion, of which India was the biggest beneficiary with $5.6 billion, followed by Thailand ($4.2 billion) and Brazil ($2.5 billion). The acceptance of these petitions and the GSP self-initiated review will result in one overall review of India’s compliance with the GSP market access criterion,” USTR said. “We hope it won’t be easy to withdraw GSP benefits to India,” he added. In every GSP review, we lose out on some products, as India becomes competitive and gains greater market share,” he added.

Source: Mint April 15, 2018 20:15 UTC