| In 2019 The US government has withdrawn its GSP (Generalised System of Preferences) benefits to India. The Generalized System of Preferences (GSP), initiated in 1971 by UNCTAD, aims to create favorable trade conditions for developing countries. Key points include: 15 countries, including the U.S., EU, UK, Japan, Canada, and others, offer GSP preferences to developing nations. Many developing countries struggle to fully utilize GSP benefits due to issues like meeting rules of origin requirements. |
Dig Deeper: India and USA trade relations and Indian diaspora in USA
