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USTR removes India from list of beneficiaries of trade subsidy preference under US CVD laws


The United States Trade Representative (USTR) has removed India, along with several other countries, from the list of beneficiaries of trade subsidy preference under the US counter-vailing duty (CVD) laws. The subsidy preference is a World Trade Organization rule that allows self-declared developing countries to get preferential trade treatment in developed countries in order to provide a boost to the weaker economies. This system is called the Generalised System of Preferences (GSP) and the move comes 6 months after US President Donald Trump first asked his administration to change the rules of the GSP to “safeguard” the interests of the US and to ensure that no country is damaging or harming the US using these incentives, said a report.


The US considers the per capita Gross National Income (GNI) and the world trade share of a country to determine whether the country is developing and eligible for the subsidy or not. The global trade share cut-off has been set by the US at 0.5 per cent. In this regard, India crossed the threshold years ago, with its world trade share in 2017 at 2.1 per cent for exports and 2.6 per cent for imports. Due to this and the fact that India is a member of G-20, the US said India will be considered a developed country even if its per capita GNI is below $12,375 or Rs 8.82 lakh, the report added.

 

Source : Exim News Service - Washington, Feb. 13

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