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Pending GSP renewal may hamper jewellery exports
01 Nov '06
1 min read
Generalized System of Preferences (GSP) scheme allows duty-free entry of products from developing countries like India and it has to be renewed for 2007.
Duty-free market access provides jewellery exporters a big advantage against their competitors from countries that do not get the duty-free facility.
If GSP benefits are not extended, India will see duty rates rising to 6.5 percent. GSP scheme is to support development and employment, but is likely to be withdrawn.
Jewellery sector exports to US are worth $1.6 billion and this negative move could hamper exports, affecting livelihood of over 325,000 domestic workers involved in the sector, particularly women and laborers in rural areas.
Duty-free market access provides jewellery exporters a big advantage against their competitors from countries that do not get the duty-free facility.
If GSP benefits are not extended, India will see duty rates rising to 6.5 percent. GSP scheme is to support development and employment, but is likely to be withdrawn.
Jewellery sector exports to US are worth $1.6 billion and this negative move could hamper exports, affecting livelihood of over 325,000 domestic workers involved in the sector, particularly women and laborers in rural areas.
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