US President Donald Trump terminates preferential trade status for India under GSP
Washington: President Donald Trump has terminated India's designation as a beneficiary developing nation under the key GSP trade programme after determining that it has not assured the US that it will provide "equitable and reasonable access to its markets."
The Generalized System of Preference (GSP) is the largest and oldest US trade preference programme and is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries.
"I have determined that India has not assured the US that it will provide equitable and reasonable access to its markets. Accordingly, it is appropriate to terminate India's designation as a beneficiary developing country effective June 5, 2019," Trump said in a proclamation on Friday, ignoring the plea made by several top American lawmakers as it will cost American businesses over USD 300 million in additional tariffs every year.
On March 4, Trump announced that the US intends to terminate India's designations as a beneficiary developing country under the GSP programme. The 60-day notice period ended on May 3.
The Trump administration has prioritised working with the Government of India to ensure that US companies have a level-playing field, a senior State Department official told reporters on Thursday, hours after Narendra Modi was sworn in as Prime Minister for a second time following his spectacular electoral victory in the general elections.
Under the GSP programme, nearly 2,000 products including auto components and textile materials can enter the US duty-free if the beneficiary developing countries meet the eligibility criteria established by Congress.
India was the largest beneficiary of the programme in 2017 with USD 5.7 billion in imports to the US given duty-free status and Turkey the fifth largest with USD 1.7 billion in covered imports, according to a Congressional Research Service report issued in January.
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Man held with Rs 6.23 lakh drugs in Palghar
Palghar (PTI): Police have arrested a man after seizing drugs valued at Rs 6.23 lakh from his possession in Maharashtra's Palghar district, officials said on Sunday.
Based on intelligence inputs, the police conducted a raid at Dhaniv Bagh in the Nalasopara area on December 4 and apprehended the man.
During a search, they recovered brown sugar valued at Rs 6 lakh and Nitrazepam (a psychotropic drug) tablets costing Rs 23,628 from his possession, a police release said.
The accused, identified as Salim Bagion alias Sardar Chacha (40), was arrested and booked under provisions of the Narcotic Drugs and Psychotropic Substances (NDPS) Act, the release said.
The accused is a habitual offender. He has 12 previous cases registered against him, including three under the NDPS Act, the police said.
