New Delhi, Jan. 23 -- The government on Friday clarified that the European Union's latest notification extending the suspension of Generalised System of Preferences (GSP) benefits for certain product categories from India will have a limited impact, affecting only about 2.66 per cent of India's total exports to the EU.
The government explained that several products falling under these broad sections already attract zero customs duty under the EU's Most Favoured Nation regime and therefore remain unaffected by the withdrawal of GSP benefits.
Further, many tariff lines within the notified categories continue to be eligible for GSP preferences, subject to compliance with applicable rules of origin and conditions.
It was also clarified that ...