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Consider the following statements regarding Generalized System of Preferences
1. It is designed to promote economic development by allowing duty free entry for thousands of products from 120 designated beneficiary countries/territories.
2. In 2018, around $ 6.3 billion of Indian merchandise exports to the U.S. were covered by GSP.
3. Recently, U.S. President issued a proclamation ending the trade benefits to India effective June 5, 2019.
Which of the statements given above is/are correct?
  • a)
    1 only 
  • b)
    2 and 3 only 
  • c)
    3 only 
  • d)
    1, 2 and 3
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
Consider the following statements regarding Generalized System of Pref...
All the statements are correct.
A day after a group of journalists was told that India’s access to preferential trade terms under the U.S.’s Generalized System of Preferences (GSP) was on its way out, U.S. President Donald Trump issued a proclamation ending the trade benefits effective June 5.
“I have determined that India has not assured the United States that India will provide equitable and reasonable access to its markets. Accordingly, it is appropriate to terminate India’s designation as a beneficiary developing country effective June 5, 2019,” Mr. Trump’s proclamation read.
The GSP is a programme that seeks to aid developing countries by giving some of their products non­reciprocal, duty­free access to U.S. markets. In 2018, some $ 6.3 billion of Indian merchandise exports to the U.S. were covered by GSP, according to the Congressional Research Service.
In News: Trump ends concessions for Indian exports under GSP
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Consider the following statements regarding Generalized System of Preferences1.It is designed to promote economic development by allowing duty free entry for thousands of products from 120 designated beneficiary countries/territories.2. In 2018, around $ 6.3 billion of Indian merchandise exports to the U.S. were covered by GSP.3. Recently, U.S. President issued a proclamation ending the trade benefits to India effective June 5, 2019.Which of the statements given above is/are correct?a)1 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer?
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Consider the following statements regarding Generalized System of Preferences1.It is designed to promote economic development by allowing duty free entry for thousands of products from 120 designated beneficiary countries/territories.2. In 2018, around $ 6.3 billion of Indian merchandise exports to the U.S. were covered by GSP.3. Recently, U.S. President issued a proclamation ending the trade benefits to India effective June 5, 2019.Which of the statements given above is/are correct?a)1 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Generalized System of Preferences1.It is designed to promote economic development by allowing duty free entry for thousands of products from 120 designated beneficiary countries/territories.2. In 2018, around $ 6.3 billion of Indian merchandise exports to the U.S. were covered by GSP.3. Recently, U.S. President issued a proclamation ending the trade benefits to India effective June 5, 2019.Which of the statements given above is/are correct?a)1 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Generalized System of Preferences1.It is designed to promote economic development by allowing duty free entry for thousands of products from 120 designated beneficiary countries/territories.2. In 2018, around $ 6.3 billion of Indian merchandise exports to the U.S. were covered by GSP.3. Recently, U.S. President issued a proclamation ending the trade benefits to India effective June 5, 2019.Which of the statements given above is/are correct?a)1 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer?.
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