CII reacts on US withdrawal of GSP

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Reacting to the News reports that US Government is contemplating withdrawal of Generalized System of Preference (GSP) to Indian exporters, Sanjay Budhia, Chairman, CII National Committee on EXIM said “GSP boosts the competitiveness of American manufacturers by lowering their costs. Approximately two-thirds of U.S. imports under GSP are raw materials, components, or machinery and equipment used by US companies to manufacture goods in the United States for domestic consumption or for export. GSP also helps American consumers by eliminating duties on a variety of usually inexpensive consumer goods.
 
“These benefits are real and tangible. U.S. importers enjoyed nearly $ 730 million in savings on import duties under the GSP program in 2016. In the first 10 months of 2017, GSP saved American companies $701 million in saved taxes. Hence continuation of GSP is beneficial to both Countries”, added Budhia.

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