What countries are on the GSP list?
The following 15 countries grant GSP preferences: Armenia, Australia, Belarus, Canada, the European Union, Iceland, Japan, Kazakhstan, New Zealand, Norway, the Russian Federation, Switzerland, Turkey, United Kingdom and the United States of America.
Is India a GSP country?
In March 2019, President Trump’s administration announced that it would revoke India’s GSP status, since India failed to make improvements. India’s GSP benefits were terminated in June 2019.
Is the Philippines a GSP country?
In 2020, the Philippines ranked 5th globally among the beneficiary developing countries in terms of total claimed US GSP value, only behind Thailand, Indonesia, Brazil, and Cambodia.
What is Generalised System of Preferences Upsc?
Generalized System of Preferences is an umbrella that comprises the bulk of preferential schemes granted by industrialized nations to developing countries. It involves reduced Most Favored Nations (MFN) Tariffs or duty-free entry of eligible products exported by beneficiary countries to the markets of donor countries.
What are GSP beneficiary countries?
As announced in Trade for all, the EU has stepped up its engagement with three GSP beneficiary-countries: Bangladesh, Cambodia and Myanmar.
Is South Korea a GSP country?
Other countries that implement GSP programs with similar rules and objectives include Australia, Canada, the EU, Iceland, Japan, New Zealand, Norway, the Russian Federation, South Korea, Switzerland, and Turkey. Who administers the U.S. program? The President holds the primary authority for GSP.
What is EU GSP?
EU’s GSP removes import duties from products coming into the EU market from vulnerable developing countries. This helps developing countries to alleviate poverty and create jobs based on international values and principles, including labour and human rights.
Is Thailand GSP?
The program expired on December 31, 2020, before Congress passed legislation to reauthorize it. Currently, 119 developing countries and territories are GSP beneficiary developing countries (BDCs). Thailand’s GSP benefits were partially suspended in 2019 and 2020 for worker rights and market access issues, respectively.
Is Brazil in GSP?
As of December 2020, there were 119 developing countries, including 17 non-independent territories and 44 least- developed beneficiary developing countries (LDBDCs). In 2019, the top five BDCs in terms of U.S. imports entering under GSP were Thailand, India, Indonesia, Brazil, and the Philippines.
What is Generalized System of Preferences?
The Generalized System of Preferences, or GSP, is a preferential tariff system which provides tariff reduction on various products. GSP provides tariff reduction for least developed countries but MFN is only for not discriminating among WTO members.
Is Egypt part of GSP?
Egypt has been a beneficiary country under GSP since its initiation and yet GSP accounts for only  4.8% of Egypt’s total exports to the U.S., as over 80% of Egypt’s exports to the U.S. are not eligible for GSP treatment. This ranks Egypt 22nd among GSP beneficiary countries.