Washington: The US has decided to review India's eligibility to enjoy duty free access for certain products in the American market under a tax benefit scheme. As many as 3,500 Indian products from sectors such as chemicals and engineering get duty-free access to the US market under the Generalised System of Preferences (GSP), introduced in 1976. According to the US Trade Representative, the GSP is a trade preference programme designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries. The review can impact exports of those 3,500 Indian products to the US as removal of the benefits would make those items uncompetitive. The reviews are based on the Trump administration's new GSP country eligibility assessment process and GSP country eligibility petitions.

Source: The Telegraph April 13, 2018 19:18 UTC