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Context
Why is the trade policy forum meeting crucial?
Why is restoration of GSP a key demand from Indian exporters?
Why is the US concerned about India’s laptop import monitoring system?
How is India looking to boost service trade with the US?
What is the totalisation agreement that India is seeking?
"CHINA PLUS ONE" POLICY The "China Plus One" policy is a strategic approach where businesses diversify operations beyond China to mitigate risks, reduce dependence on a single country, and tap into emerging markets. It involves establishing manufacturing or business operations in other countries, particularly in regions with favorable conditions, to optimize supply chains and navigate geopolitical uncertainties. GENERALIZED SYSTEM OF PREFERENCES (GSP) The Generalized System of Preferences (GSP) is a trade preference program aimed at promoting economic development in developing countries by allowing them to export certain goods to developed countries with reduced or zero tariffs. GSP operates on a non-reciprocal basis, offering preferential treatment to eligible products from beneficiary countries without requiring equivalent trade benefits in return. The program covers a range of products, and eligibility criteria are periodically reviewed. Various countries, including the United States, the European Union, and Japan, have their own GSP programs with specific rules and product coverage. GSP contributes to fostering economic ties and helping developing countries integrate into the global economy. |
PRACTICE QUESTION Q. Examine recent developments in the India-U.S. trade relationship, focusing on policy changes, challenges, and strategies to enhance economic cooperation. Evaluate the impact of trade agreements, considering geopolitical influences and global implications. |
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