About GSP

• The Generalized System of Preferences (GSP) scheme is a voluntary trade measure implemented by developed countries that provide an advantageous or preferential tariff treatment to imports from developing countries.
• It was instituted in 1971 under the aegis of the United Nations Conference on Trade and Development (UNCTAD). 
• These non-reciprocal benefits extended by some developed countries to developing countries are expected to contribute to developing countries’ export growth particularly in the manufacturing sector.
• More than 20 developed countries including Australia, Canada, Japan, New Zealand, the Russian Federation, Switzerland, United Kingdom and the United States of America grant GSP preferences. 

Why in News?

• Commerce and Industry Minister Piyush Goyal recently said that now is not the right time to get into a detailed negotiation around the Generalized System of Preferences (GSP), a preferential trade program which India was removed from under the administration of former U.S. President Donald Trump.
• Earlier, India sought restoration of its beneficiary status under the US Generalized System of Preferences programme to facilitate trade exports from India. 
• In 2019, the Trump administration revoked the GSP from India in 2019 citing India had denied adequate access to its agricultural and dairy markets and had placed prohibitive price controls on medical devices.

https://www.thehindu.com/news/national/citing-us-elections-goyal-says-not-time-for-gsp-and-social-security-totalisation/article68716568.ece