The Hindu : Business : Gems and jewellery sector may be out of US GSP

Online edition of India's National Newspaper
Wednesday, Nov 29, 2006
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Gems and jewellery sector may be out of US GSP

The current extension expires this year

NEW DELHI: The U.S. is likely to withdraw the duty concession to the Indian gems and jewellery sector when the Generalized System of Preferences (GSP) comes up for review.

"The GSP provides duty concessions on imports from some sectors of industry in developing countries to improve their competitiveness. The Congress has expressed its concerns on gems and jewellery, whether it is appropriate to give it concessions as the sector has become competitive,'' Deputy US Trade Representative Karan Bhatia said.

He, however, added that since the issue was to be decided by the Congress nothing could be predicted.

He said the GSP had been introduced by legislation and was reviewed periodically. "The current extension expires this year end and there is hope that it will be extended this year or next year retrospectively,'' Mr. Karan Bhatia said in reply to a question at a meeting organised by the Confederation of Indian Industry.

PTI

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