Days after the collapse of mean exporters of gold jewellery from India, the world's largest producer, would now have to pay an import duty of four per cent.
The move will impact close to $1.8 billion of jewellery exports to US, which accounts for one-third of the total shipment of $5.21 billion. The decision would also affect exports of brass lamps, hitting the handicraft sector struggling under the impact of hike in rupee value.
The concessions were removed on imports that exceeded the new statutory threshold in 2006 established by US
Brazil has also been hit by the withdrawal of GSP benefits on brts and ferrozirconium. Besides, gold jewellery from Thailand, wiring harnesses from the Philippines, and methanol from Venezuela were also excluded. Incidentally, India and Brazil are leaders of the G20 group of developing countries and are part of G4, which also includes the US and EU.
Talks between the four key WTO players collapsed on June 19 in Potsdam, Germany, making the conclusion of Doha Round of trade negotiations very unlikely.
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