Generalized System of Preference. Flashcards Preview

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Flashcards in Generalized System of Preference. Deck (3)
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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.