The government on Thursday said that exports of apparel post-withdrawal of Generalised System of Preferences (GSP), has increased by 5% as compared to the corresponding period before withdrawal.

“Post-withdrawal of GSP, imports of apparel will be subject to higher tariff. As per provisional data, exports of apparel (post withdrawal of GSP) has increased by 5% as compared to the corresponding period before withdrawal,” textiles minister Smriti Zubin Irani told Rajya Sabha in a written reply to a question on the impact on textile industry after withdrawal of GSP.

The US had terminated India's designation as a beneficiary developing country for the preferential benefits under GSP to Indian exports effective June 5 after determining that it has not assured of providing "equitable and reasonable access to its markets”.

“As per available data, US imported apparel valued at $17.7 million in 2018 under 15 categories that enjoyed GSP,” Irani said, adding that balance of apparel trade was in favour of India by $4 billion during 2018.

Published On : 28-11-2019

Source : Economic Times