2023
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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UK
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USA
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Canada
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China
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France
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Detailed explanation-1: -United States Will Terminate GSP Designation of India and Turkey.
Detailed explanation-2: -Under the GSP, eligible products enter duty-free. As of January 2021, 119 developing countries were beneficiaries of the program. Bangladesh and India are not current beneficiaries of the U.S. GSP.
Detailed explanation-3: -President Donald Trump last year terminated India’s designation as a beneficiary developing nation under the key GSP trade programme after determining that it has not assured the US that it will provide “equitable and reasonable access” to its markets.
Detailed explanation-4: -India was the largest beneficiary of the Generalized System of Preferences (GSP) status in 2017, with $5.7 billion worth of imports into the US given duty-free status. About 2, 000 products including auto parts and textile materials were allowed to enter the US duty-free.
Detailed explanation-5: -Within Asia, India has signed bilateral FTAs with Sri Lanka (1998), Afghanistan (2003), Thailand (2004), Singapore (2005), Bhutan (2006), Nepal (2009), Korea (2009), Malaysia (2011) and Japan (2011).