Processing .....please wait.. 
The article has been forwarded.... 
India welcomes restoration of GSP by U.S.
By agencies
|
Tuesday, 05 July 2005, 19:30 IST
NEW DELHI: Government today welcomed the U.S. decision to restore the benefits under Generalized System of Preferences for certain Indian export products.
Commerce Minister Kamal Nath said this decision would further consolidate the strong ties between the two countries and give a fillip to bilateral trade and investments.
Nath had raised this issue during his recent visit to the U.S. and earlier during his meeting in Paris in May with U.S. Trade Representative Rob Portman.
He expressed his satisfaction at the outcome, which was a culmination of measures taken by India to fulfill its WTO commitments on protection of intellectual property rights, an official release said.
The US Generalized System of Preferences provides preferential duty-free entry for more than 4,650 products from approximately 140 designated beneficiary countries and territories.
The GSP program was instituted on January 1, 1976 and is valid upto Sepetember 2006.
In 1992, U.S. had suspended GSP benefits for a large number of products exported by India, due to India's perceived inadequacy in protection to intellectual property rights.
As a result, 785 agro-chemicals and pharma products that were otherwise eligible for GSP were denied the benefits.
The restoration of GSP would provide immediate benefits to exports of agro-chemicals and pharmaceuticals from India.