India welcomes restoration of GSP by US

New Delhi, Tuesday (PTI) - Government today welcomed the US decision to restore the benefits under Generalised System of Preferences for certain Indian export products. Commerce Minister Kamal Nath said this decision will 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 US and earlier during his meeting in Paris in May with US 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 intelelctual property rights, an official release said.

The US Generalised System of Preferences provides preferential duty-free entry for more than 4,650 products from approximately 140 designated beneficiary countries and territories.

The GSP programme was instituted on January 1, 1976 and is valid upto Sepetember, 2006.