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Consider the following statements regarding Generalized System of Preferences (GSP)
1. The Generalized System of Preferences (GSP) is a preferential tariff system which provides tariffreduction on various products.
2. GSP cannot be imposed on developing country.
3. GSP comes under the purview of WTO.
Which of the above statements is/are correct?
- a)1 only
- b)1, 3
- c)1, 2
- d)1, 2, 3
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding Generalized System of Pref...
The Generalized System of Preferences, or GSP, is a preferential tariff system which provides tariff reduction on various products. The concept of GSP is very different from the concept of "most favored nation" (MFN). MFN status provides equal treatment in the case of tariff being imposed by a nation but in case of GSP differential tariff could be imposed by a nation on various countries depending upon factors such as whether it is a developed country or a developing country. Both the rules comes under the purview of WTO. GSP provides tariff reduction for least developed countries but MFN is only for not discriminating among WTO members.
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Community Answer
Consider the following statements regarding Generalized System of Pref...
The correct answer is option 'B' - 1, 3.
Explanation:
1. The Generalized System of Preferences (GSP) is a preferential tariff system which provides tariff reduction on various products.
The first statement is correct. The Generalized System of Preferences (GSP) is a preferential tariff system that allows developing countries to pay lower or zero tariffs on their exports to developed countries. It is designed to promote economic growth and development in the beneficiary countries by providing them with preferential access to the markets of developed countries. Under the GSP, developed countries grant tariff concessions to developing countries on various products. This helps the beneficiary countries to increase their exports and earn foreign exchange.
2. GSP cannot be imposed on developing country.
The second statement is incorrect. GSP can be imposed on developing countries. In fact, the GSP is specifically designed to benefit developing countries by providing them with preferential access to the markets of developed countries. Developed countries voluntarily grant tariff concessions to developing countries under the GSP scheme as a means of supporting their economic development. The GSP allows developing countries to export their products to developed countries at lower or zero tariff rates, thus making them more competitive in the global market.
3. GSP comes under the purview of WTO.
The third statement is correct. The GSP comes under the purview of the World Trade Organization (WTO). The WTO is an international organization that deals with the global rules of trade between nations. It provides a forum for negotiating trade agreements, resolving trade disputes, and enforcing trade rules. The GSP is one of the trade-related measures that the WTO oversees. The WTO encourages its member countries to implement and maintain GSP schemes to promote economic growth and development in developing countries. The WTO also provides guidelines and principles for the operation of GSP schemes to ensure that they are non-discriminatory and transparent.
In conclusion, the correct statements regarding the Generalized System of Preferences (GSP) are:
1. The Generalized System of Preferences (GSP) is a preferential tariff system which provides tariff reduction on various products.
3. GSP comes under the purview of WTO.
Explanation:
1. The Generalized System of Preferences (GSP) is a preferential tariff system which provides tariff reduction on various products.
The first statement is correct. The Generalized System of Preferences (GSP) is a preferential tariff system that allows developing countries to pay lower or zero tariffs on their exports to developed countries. It is designed to promote economic growth and development in the beneficiary countries by providing them with preferential access to the markets of developed countries. Under the GSP, developed countries grant tariff concessions to developing countries on various products. This helps the beneficiary countries to increase their exports and earn foreign exchange.
2. GSP cannot be imposed on developing country.
The second statement is incorrect. GSP can be imposed on developing countries. In fact, the GSP is specifically designed to benefit developing countries by providing them with preferential access to the markets of developed countries. Developed countries voluntarily grant tariff concessions to developing countries under the GSP scheme as a means of supporting their economic development. The GSP allows developing countries to export their products to developed countries at lower or zero tariff rates, thus making them more competitive in the global market.
3. GSP comes under the purview of WTO.
The third statement is correct. The GSP comes under the purview of the World Trade Organization (WTO). The WTO is an international organization that deals with the global rules of trade between nations. It provides a forum for negotiating trade agreements, resolving trade disputes, and enforcing trade rules. The GSP is one of the trade-related measures that the WTO oversees. The WTO encourages its member countries to implement and maintain GSP schemes to promote economic growth and development in developing countries. The WTO also provides guidelines and principles for the operation of GSP schemes to ensure that they are non-discriminatory and transparent.
In conclusion, the correct statements regarding the Generalized System of Preferences (GSP) are:
1. The Generalized System of Preferences (GSP) is a preferential tariff system which provides tariff reduction on various products.
3. GSP comes under the purview of WTO.
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Consider the following statements regarding Generalized System of Preferences (GSP)1. The Generalized System of Preferences (GSP) is a preferential tariff system which provides tariffreduction on various products.2. GSP cannot be imposed on developing country.3. GSP comes under the purview of WTO.Which of the above statements is/are correct?a)1 onlyb)1, 3c)1, 2d)1, 2, 3Correct answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding Generalized System of Preferences (GSP)1. The Generalized System of Preferences (GSP) is a preferential tariff system which provides tariffreduction on various products.2. GSP cannot be imposed on developing country.3. GSP comes under the purview of WTO.Which of the above statements is/are correct?a)1 onlyb)1, 3c)1, 2d)1, 2, 3Correct answer is option 'B'. 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 Preferences (GSP)1. The Generalized System of Preferences (GSP) is a preferential tariff system which provides tariffreduction on various products.2. GSP cannot be imposed on developing country.3. GSP comes under the purview of WTO.Which of the above statements is/are correct?a)1 onlyb)1, 3c)1, 2d)1, 2, 3Correct answer is option 'B'. 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 Preferences (GSP)1. The Generalized System of Preferences (GSP) is a preferential tariff system which provides tariffreduction on various products.2. GSP cannot be imposed on developing country.3. GSP comes under the purview of WTO.Which of the above statements is/are correct?a)1 onlyb)1, 3c)1, 2d)1, 2, 3Correct answer is option 'B'. Can you explain this answer?.
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