Tuesday, 1st July 2008 (473 views)

The US has announced gold necklaces imported from India will no longer receive duty free treatment.

Indian gold necklaces are among 25 other products from developing countries which have been affected by the change in the Generalised System of Preferences (GSP).

The change was announced by the US Trade Representative's office following the annual review of the GSP.

Ending the duty free treatment is due to the belief by the US that gold necklaces from India can now compete effectively in America without the tax break, according to NDTV Profit.

In 2007, exports of gold necklaces and other associated products from India accounted for $266 million (£133 million), the news service reported.

"The GSP programme has helped to promote development and reduce poverty in the developing countries while expanding our bilateral trade," said Susan C Schwab from the US Trade Representative's office.

Last year $30.8 billion worth of goods were imported to the US under the GSP programme, said Reuters.

 

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