India May Seek 2 Month Extension For US GSP Scheme

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India May Seek 2 Month Extension For US GSP Scheme

India is considering to seek extension of the deadline set by the US for withdrawal of export benefits to domestic exporters under Generalised System of Preferences (GSP) programme, sources said. Earlier this month, the US has decided to go ahead with its decision to scrap the preferential trade benefit under GSP scheme after 60 days, which is expected to impact India's exports to the US worth US$ 5.6 billion under this scheme. Although, the Indian government has said that the US government's move to withdraw duty concessions on certain products under the GSP programme will not have any significant impact on exports to America, small and medium exporters have flagged concerns. Sources also said that issues can be sorted by holding bilateral dialogues as the US is important economic and strategic partner of India. They added that India may seek two more months for withdrawal of export benefits.