GSP Extension
As we have reported in the past, GSP extension was approved by the U.S. Congress last week. It is effective from 1st January, 2011 to 31st July, 2013. It will come into effect 15 days after the U.S. President signs it into law. We understand that the President is expected to sign the GSP extension later this week.
2. In terms of the implementation of GSP extension, we have been informed by USTR that those importers who had specifically mentioned the GSP indicators in their import shipments during the time that GSP was in lapse will get automatic refunds. Those who had not indicated the GSP indicators on their import documents, will get an opportunity to file for refunds. We will keep you posted as soon as U.S. Customs comes out with guidelines on this subject. You may also wish to go through the following link in this regard.
http://www.ustr.gov/trade-topics/trade-development/preference-programs/generalized-system-preference-gsp
3. Our sources indicate that sometime mid-week next week, two Federal Register notifications are expected. One will deal with those products that crossed the CNL limits in 2010. The second will deal with product review relating to CNL limits for the year 2011. In the second notification, it is expected that for 2011 deadline of mid-November will be given for putting in request to add new products to the GSP. Deadline to file CNL waiver petitions for 2011 is expected to be mid-December, 2011.
4. Our initial analysis indicates that there may be 4 to 5 tariff-lines which will cross the CNL limits (either quantitiative or in percentage terms) for which the relevant Export Promotion bodies would need to file the CNL waiver petition. We will be sending a separate message to the relevant product specific Export Promotion Council in this regard.
5. It is important that this information is circulated to all your membership. For any query they are free to directly correspond at the email id: mincom@indiagov.org
Minister (Commerce)
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