Home / Knowledge / News / Textiles / US removes 25 countries from developing nations list

US removes 25 countries from developing nations list

14
Feb '20
All BRICS countries are now out of the US developing nations list. Pic: Shutterstock
All BRICS countries are now out of the US developing nations list. Pic: Shutterstock
Preferential treatment in trade would no more be available to 25 countries as the US has removed them from its list of developing nations. US has ended the special preference for countries that are either members of G-20, Organisation for Economic Cooperation and Development (OECD), and are categorised as high-income nations by the World Bank.

The countries for which the US has abolished its special preferences are Albania, Argentina, Armenia, Brazil, Bulgaria, China, Colombia, Costa Rica, Georgia, Hong Kong, India, Indonesia, Kazakhstan, the Kyrgyz Republic, Malaysia, Moldova, Montenegro, North Macedonia, Romania, Singapore, South Africa, South Korea, Thailand, Ukraine, and Vietnam.

According to the office of the US Trade Representative (USTR) the narrow down on the list of developing countries was taken to reduce the threshold for an investigation into whether nations are harming US industries with unfairly subsidised exports.

As per the USTR, the step to narrow down on the list was part of the decision to revise the developing country methodology for countervailing duty investigations, whcih was needed as America's previous guidance is now “obsolete”.

Last month, addressing at the World Economic Forum 2020 in Davos, US President Donald Trump had made it clear that economies like China and India should not be considered developing nations by the World Trade Organization.

Fibre2Fashion News Desk (DD)


Must ReadView All

Pic:  TonelsonProductions / Shutterstock.com

Apparel/Garments | On 16th Apr 2021

CPTPP boosts Vietnam's exports, pandemic a mild dampener

Vietnam's exports to its partners in the Comprehensive and...

Pic: Smartwool

Apparel/Garments | On 16th Apr 2021

US merino wool apparel maker Smartwool to go 100% circular by 2030

Smartwool, a Denver, US-based maker of merino wool apparel for active ...

Pic: Steve Madden

Apparel/Garments | On 16th Apr 2021

US company Steve Madden acquires remaining share of European JV

Steve Madden Ltd, a leading designer and marketer of fashion-forward...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Tech in fashion industry has hit acceleration button

Textile Industry, Head honchos

Textile Industry
Head honchos

Social media critical in regeneration of businesses

Textile Industry, Head honchos

Textile Industry
Head honchos

Consumer sentiment will be conservative after lockdown

Neeraj Sharma,

Neeraj Sharma

Headquartered in Surat, Gujarat, Orange O supplies digital textile...

Vikram Juneja,

Vikram Juneja

Jaquard is a training institute providing a highly specialised training...

Harleen Kaur,

Harleen Kaur

Established in 2017 and headquartered New York, the label Harleen Kaur...

Sameer Sonkusale & Rachel Owyeung, Tufts University

Sameer Sonkusale & Rachel Owyeung
Tufts University

A team at the Tufts University in Massachusetts was recently in news for...

Robert Brookins, Alexium International

Robert Brookins
Alexium International

Alexium International is a specialty chemical development company...

Hemant Bheda, Arevo

Hemant Bheda
Arevo

Arevo, based in Silicon Valley in California, develops technology to...

Sneha Arora, Label Sneha Arora

Sneha Arora
Label Sneha Arora

Sneha Arora, an alumnus of National Institute of Fashion Technology,...

Megha Kumari & Jigar Mali, Label Megha & Jigar

Megha Kumari & Jigar Mali
Label Megha & Jigar

New Delhi based label Megha & Jigar blends India's unique handcrafts...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

Ruma Devi is a jet-setting promoter of artisans who has empowered...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search