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The term ‘Strategic Trade Authorisation’ sometimes seen in the news is associated with India's economic relations with which of the following countries/union?
- a)Japan
- b)European Union
- c)China
- d)United States of America
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
The term ‘Strategic Trade Authorisation’ sometimes seen in...
- Generalized System of Preferences (GSP) U.S. trade preference programs such as the Generalized System of Preferences (GSP) provide opportunities for many of the world’s poorest countries to use trade to grow their economies and climb out of poverty. GSP is the largest and oldest U.S. trade preference program. Established by the Trade Act of 1974, GSP promotes economic development by eliminating duties on thousands of products when imported from one of 119 designated beneficiary countries and territories. The GSP Guidebook provides basic information on the program.
- Strategic Trade Authorisation-1 (STA-1):
- STA allows for license exception with regards to exports from the US. This type of US government authorisation allows a certain item to be exported under defined conditions without a transaction-specific license, according to a report in Descartes Customs Info.
- India is the 37th country to be designated the STA-1 status by the United States. India has become the third Asian country after Japan and South Korea to get the Strategic Trade Authorisation-1 (STA-1) status after the U.S. issued a federal notification to this effect, paving the way for high technology product sales to New Delhi, particularly in civil space and defence sectors.
- Traditionally, the U.S. has placed only those countries in the STA-1 list who are members of the four export control regimes: Missile Technology Control Regime (MTCR), Wassenaar Arrangement (WA), Australia Group (AG) and the NSG.
- By placing India in the STA-1 list, the United States has acknowledged that for all practical purposes India adheres to the export control regimes of the NSG.
Hence option (d) is the correct answer.
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The term ‘Strategic Trade Authorisation’ sometimes seen in the news is associated with Indias economic relations with which of the following countries/union?a)Japanb)European Unionc)Chinad)United States of AmericaCorrect answer is option 'D'. Can you explain this answer?
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