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No headway in India-U.S. trade talks

  • IASbaba
  • February 18, 2020
  • 0
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No headway in India-U.S. trade talks

Part of: GS Prelims –Economy and GS-III- Trade

In news:

 Concerns : 

  • 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

UNCTAD

  • 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.

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