INDIAN exporters could get a shot in the arm if the US Congress goes ahead and approves trade preferences for the least-developed and developing countries soon.
Apprising that the GSP Bill was passed recently by the Senate, Mr Chad Kreikemeier, Defence and Foreign Policy advisor to US Senator Ms Jeanne Shaheen, confirmed here that the House of Representatives was likely to approve it this month.
It may be recalled that the Generalised System of Preferences (GSP) came to an end in December 2010, under which imports from developing and least-developed countries were allowed preferential access to the US market. Handicrafts items such as brass lamps, carpets and engineering products along with power generators from the country were allowed duty-free access to the tune of $ 3.5 billion under GSP in 2010.
Source : Exim News Service - NEW DELHI, Oct. 9