Partner Channels: Bill Pay | Health | IT Education | Jobs | Travel
August 28, 2001
|
|
|
|
|
|
||
|
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Women Partner Channels: Bill Pay | Health | IT Education | Jobs | Travel |
||
|
|
||
|
Home >
Money > Business Headlines > Report August 28, 2001 |
Feedback
|
|
|
US restores duty-free import of 42 tariff linesSidhartha The United States has restored duty-free import of 42 tariff lines from India, valued at $692 million, under the generalised system provisions as announced by US Trade Representative Robert Zoellick during his recent visit to New Delhi. The US government notified the GSP benefits for India on August 22, while restricting GSP benefits on the import of nearly 600 tariff lines, mainly from the chemicals and pharmaceuticals sectors. Commerce department officials said that the US government has said the GSP benefits on the remaining tariff lines would only be extended after India enacts its patent legislation. The GSP benefits had been suspended in 1992 but the USTR, in a goodwill gesture, had promised to restore the provisions during his visit to India earlier this month. According to Indian commerce department estimates, during 2000, precious metal jewellery other than silver accounted for nearly 82 per cent-or $565 million-of India's export of $692 million of the 42 tariff lines where GSP benefits have been restored. This tariff line, which attracted import duty of 5.5 per cent, accounted for 15 per cent of US import of this particular item which amounted to $3.76 billion. Gold necklaces and neck chains, other than rope or mixed links, is the second largest item to have received GSP benefit. During 2000, import of this item was estimated at $26.14 million and accounted for 2.82 per cent of total US imports of $926.47 million at an import duty of 5.5 per cent. The 42 items are spread across various product categories, ranging from jewellery, fruits and vegetables, dry fruits, textiles, leather, picture tubes, electric lamps, etc. In 2000, the duty on these products ranged from 1.2 per cent in case of jute yarn to 15.6 per cent in case of railway or tramway self-discharging freight cars. While there was no import of cocoa powder of a certain variety and cane sugar from India last year, in case of other products, Indian exports amounted to as much as over 60 per cent of US import items. These included certain varieties of necklaces, carpets and floor coverings. Powered by YOU MAY ALSO WANT TO READ:
|
ADVERTISEMENT |
||||
