News Details
Category : World
Headline : GSP countries to make profit from trade battle with China
Date: 15/05/2019 15:19
The trade battle going on with China is encouraging American companies to develop trade in GSP countries like Thailand, Cambodia, Indonesia, India and Turkey.

American trade associations showed the latest official trade report which says that the Generalised System of Preference saved American companies USD 105 million in March, an increase of USD 28 million (36 per cent) from March 2018 and the second-highest level on record. GSP saved American companies USD 285 in the first quarter, 2019.

As per the report, US President Donald Trump disclosed the US intentions to terminate India's designations as a beneficiary developing country under the GSP programme. The 60-day notice period ended on May 3.

The report shows that for India, 97 per cent of increased 2019 GSP imports are on the China Section 301 lists. It was same for Turkey and GSP imports from Indonesia grew only twice as much on affected products.

The report further said that the head-to-head competition between China and India on many of these products, ending GSP for India would have the same effect as lowering tariffs on China.