As President Donald Trump showed the intention of the United States to withdraw the Generalised System of Preferences, popularly referred to as GSP, from India, IAS EXPRESS takes a look at the programme, its benefits and what it means now that it may be revoked.
The US has decided to withdraw 7,000 out of its 14,000 troops from Afghanistan. The American troops contribute to training and advising local forces fighting the Taliban and ISIS. Trump’s sudden announcement has raised speculation that it could be linked to his pre-election promises to pull out from external wars to save money to consolidate internally. It also signals that the US has perhaps admitted being defeated in Afghanistan and that it had agreed to the Taliban’s demands. This decision is strengthened by the recent talks between the US and Taliban in Doha which has resulted in a framework for a peace agreement, focussed on ending the 17-year-old conflict in Afghanistan.
The United States has broadly agreed to grant India and 7 other countries a waiver from the sanctions it re-imposed on Iran recently. This decision provides some temporary relief to India and avoids any major oil price shocks.
The United States President Donald Trump has recently announced that US will unilaterally pull out of 1987 Intermediate-Range Nuclear Forces (INF) Treaty which was signed by the US and Russia during Cold War era for banning all ground-launch nuclear missiles with the range between 500 and 5500 km. However, US accuses Russia to have developed a new medium-range missile and it has also been concerned about China which is not a signatory to the INF treaty, producing medium-range missiles.
On September 30, 2018, the US, Canada, and Mexico signed a new trade agreement to replace the old North American Free Trade Agreement (NAFTA) with the new deal known as the United States-Mexico-Canada Agreement (USMCA) or NAFTA 2.0.
On September 20, 2018, U.S. and China have announced fresh tariffs on each other’s imports, aggravating the trade war further.
The European Union also joined the trade war recently, imposing tariffs on $3.3 billion…
COMCASA is meant to provide a legal framework for the transfer of communication security equipment from the U.S. to India. It is the India specific version of CISMOA…