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India 'developed economy', US justifies GSP removal

India 'developed economy', US justifies GSP removal

Wednesday, February 12, 2020, 12:47 PM

The US has classified India as a 'developed economy' to justify the country's removal from its GSP scheme. The scheme gives developing economies tariff-free access to the US, Business Standard reported. The United States Trade Representatives' (USTR's) office suspended India's GSP benefits in June 2019. It calculates a country's level of economic development based on its GNI and its share in global trade.
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