The Generalized System of
Preferences (GSP), a well structured US trade program, was waiting approval desperately by Indian
exporters since 18 months got approval on 5 on August 2015 with retrospective
effect from August 2013 till December 2017 permitting duty-free
entry of 3,500 product lines and it brought sign of relief for exporters
and boost for Indian economy.
GSP program formed in January 1,
1976, by the Trade Act of 1974 provided preferential duty-free entry for up to 4,800
products from 129 designated beneficiary countries. President Obama had
extended it earlier till July 31, 2013 after expiration of congressional
agreement till December 31, 2010 with retrospective effect from Jan1 2011.
GSP is trade program as quoted by US
Trade representative official which permits duty free entry of eligible goods of
developing countries in US boundaries. The decision will give boost to exports
of commodities like gems, jewellery and textiles.
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