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I have heard that United States has withdrawn concessions given to import on gold jewellery from India. Can anyone throw some light on this issue?
Free Member, Joined :06/09/2007
No of Topics Posted : 112
Reply/Comments : 9
Yes you have heard it right. Days after the collapse of G4 talks on WTO, the United States has withdrawn concessions given to import on gold jewellery and brass lamps from India as well as auto parts from Brazil as part of a revision of trade sops given to developing countries.
The duty-free access was withdrawn under its annual review of Generalised System of Preferences (GSP) through a proclamation signed by President George Bush. The changes mean exporters of gold jewellery from India, the world’s largest producer, will now have to pay an import duty of four percent. The move will impact close to $1.8 billion of jewellery export to the US, which accounts for one-third of the total shipment of $5.21 billion. The decision will also affect the export of brass lamps, hitting the handicraft sector already struggling under the impact of a hike in rupee value.
Money Management Consultants Ltd
New Delhi, India
Free Member, Joined :05/11/2007
No of Topics Posted : 113
Reply/Comments : 14
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