European Union Extends Suspension of India’s Trade Preferences Under GSP

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European Union Extends Suspension of India’s Trade Preferences Under GSP

International
European Union Extends Suspension of India’s Trade Preferences Under GSP

The European Union extends the suspension of preferential trade benefits for India under its Generalised Scheme of Preferences (GSP). The decision relates to the EU’s unilateral trade preference policy framework that provides differentiated tariff benefits through multiple tiers.

European Union’s Generalised Scheme of Preferences (GSP):

Dimension Key Details
Introduced in 1971
Nature of policy Establishes a policy of unilateral trade preferences.
Provides for Poverty reduction by expanding exports from vulnerable countries; promoting sustainable development and good governance.
Structure General GSP, GSP+, and Everything but Arms (EBA).
General GSP Duty reductions on 66% of tariff lines for eligible developing countries.
GSP+ Zero duties on 66% of tariff lines for countries that implement core human rights, labor, and sustainability conventions.
Everything but Arms Full duty-free access for Least Developed Countries (LDCs) on all imports except weapons.
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Q 1 / 4

With reference to the EU’s Generalised Scheme of Preferences (GSP), consider the following statements:

1. It is described as a unilateral trade preference policy framework.
2. It provides differentiated tariff benefits through multiple tiers.
3. It is limited to a single arrangement without sub-categories.

Which of the statements given above are correct?