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UK withdraws duty benefit scheme; to hit Indian exports

UK withdraws duty benefit scheme; to hit Indian exports

The UK’s decision to withdraw duty benefit scheme GSP may impact Indian exporters from certain labour-intensive sectors such as leather and textiles as they were the major beneficiaries, according to experts and traders. - File photo



New Delhi, June 19

The UK’s decision to withdraw duty benefit scheme GSP may impact Indian exporters from certain labour-intensive sectors such as leather and textiles as they were the major beneficiaries, according to experts and traders.

The UK is replacing the Generalised Scheme of Preferences (GSP) with a new Developing Countries Trading Scheme (DCTS) from June 19. Labour-intensive sectors, including certain textile items, leather goods, carpets, iron & steel goods and chemicals may get impacted due to this.

Global Trade Research Initiative (GTRI) said the US, European Union (EU), Australia, Japan and many other developed countries grant unilateral import duty concessions to developing countries under their GSP schemes.

“As the UK has come out of the EU, it has designed its own GSP scheme. Each country sets a product-wise threshold limit, if a country’s exports cross the limit, the GSP concessions stop. The UK withdrawing GSP concessions on labour-intensive products was expected as the two countries are negotiating a free trade agreement,” GTRI co-founder Ajay Srivastava said.

GSP concessions are available in full to exports from Least Developed Countries (LDCs). — PTI  

TEXTILES, LEATHER GOODS TO BE IMPACTED

  • The Generalised Scheme of Preferences (GSP) gives eligible developing countries certain trade preferences, including reduction or removal of duties on imports into UK
  • The sectors, which are likely to get impacted, include certain textile items, leather goods, carpets, iron & steel goods and chemicals
  • The US, EU, Australia, Japan and many other developed countries grant unilateral import duty concessions to developing countries under their GSP schemes

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