No headway in India-U.S. trade talks
Part of: GS Prelims –Economy and GS-III- Trade
- liberalising e-commerce, and investment norms for retail
- Medical device price caps levied by India,
- a rationalisation of tariffs levied by both sides,
- Greater market access for U.S. agricultural and dairy products.
- Full restoration of GSP (Generalised System of Preferences)
From Prelims Point of View
Generalized System of Preferences (GSP)
- Umbrella that comprises the bulk of preferential schemes granted by industrialized nations to developing countries.
- Reduced Most Favored Nations (MFN) Tariffs or duty-free entry of eligible products exported by beneficiary countries to the markets of donor countries.
- GSP was adopted at UNCTAD in New Delhi in 1968
- United Nation Conference on Trade and Development (UNCTAD) is a permanent intergovernmental body established by the United Nations General Assembly in 1964.
- It supports developing countries to access the benefits of a globalized economy more fairly and effectively.