Generalized System of Preference. Flashcards
1
Q
Is it related to UN?
A
No it is term related to WTO
2
Q
What is it bascially
A
These are programs by the developed nations to help developing and LDC by providing duty free or less taxed imports on certain products.
eg-If USA has choice b/w India and bangla wrt jute import it will give more tax exemptions to bangla.
3
Q
Why in news?
A
USA has revoked duty free concessions on import of at least 50 Indian products, mostly from handloom and agriculture sectors.
