Which country was terminated by U.S. from availing benefits of Generalized System of Preferences(GSP) scheme recently ?a)Chinab)Indiac)Srilankad)Pakistane)None of theseCorrect answer is option 'B'. Can you explain this answer?

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Which country was terminated by U.S. from availing benefits of Generalized System of Preferences(GSP) scheme recently ?

a)
China
b)
India
c)
Srilanka
d)
Pakistan
e)
None of these

Correct answer is option 'B'. Can you explain this answer?

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Test : June 2019 Weekly Current Affair - 1"

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Which country was terminated by U.S. from availing benefits of General...

On May 31, 2019, US President Donald Trump signed a proclamation to withdraw Generalized System of Preferences(GSP) scheme on $5.6 billion exports from India, effective from June 5, 2019. GSP allows emerging countries to export goods to the US without paying duties. It offered duty-free market access to more than 3,000 items exported from India.India is the world’s largest beneficiary of GSP from 1970s. The US had announced the withdrawal of special duty benefits under the Generalized System of Preferences (GSP) on March 5, 2019, effective from first week of May. But later it was postponed as India would get new Government. As per a study by the Federation of Indian Export Organizations(FIEO), India’s global merchandise exports for 2018 were $324.7 billion. It included $51.4 billion to the US. But only $6.35 billion of exports from India to the US benefited from the GSP scheme. Such exports were covered under 1921 US tariff lines.

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