Washington: The US has abolished the General Preferential System (GSP) status given to India, which will be effective from June 5. US President Donald Trump has announced it at White House. Donald Trump had announced on March 4 that he was going to take India out of GSP. After this 60 days notice period ended on May 3.

Trump said on Friday, "I have decided that India has not given the United States the confidence to give equal and logical access to its markets."

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Accordingly, it is perfectly appropriate to end the status of beneficiary developing countries, obtained from India on June 5, 2019. Trump has made this decision by refusing to appeal to all the top American lawmakers in this regard. The MPs said that this move would require US industrialists to pay an extra $ 300 million per year.

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General Preferential System (GSP) is the oldest and largest system of concessions given to businesses in other countries by the US. Under this, the countries granted status concession to export to the US without any charge of thousands of goods. India has been the biggest beneficiary of the GSP program in 2017. In the year 2017, India exported $ 5.7 billion to the United States under this GSP.