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U.S.A. Diamond Imports: What Is "Fair Trade"?
The Manufacturing Jewelers & Suppliers of America (MJSA) is asking its members to contact their trade representatives and Congress to urge them to push for fair trade agreements that would put an end to what the association says is an "unfair trade advantage" given to India and other countries.
The Office of the U.S. Trade Representative (USTR) has asked for public comments about whether to limit, suspend, or withdraw the eligibility of India and 12 other countries that currently can import goods duty-free under the Generalized System of Preferences (GSP) program. It is also reviewing whether to withdraw presidential Competitive Need Limitation (CNL) waivers that allow India, among 19 other countries, to import specific products duty-free. The bulk of the waivers to India cover precious metal jewelry products. Legislation authorizing the GSP benefits will expire on Dec. 31, 2006, unless Congress re-authorizes it.
Currently, India ranks first among exporters of precious metal jewelry to the United States, with $1.75 billion exported to the United States in 2005. The United States exported only $108 million in precious metal jewelry to India during that year, resulting in a $1.65 billion trade deficit, says MJSA.
Much of that deficit can be attributed to not only India's unfettered access to the U.S. market, MJSA says, but also the tariff and non-tariff trade barriers that U.S. manufacturers face when they try to export goods to that country. Currently, India places a 31.5 percent duty on U.S. precious metal jewelry, as well as multiple additional taxes, including a 1 percent landing charge and various municipal and state taxes. All told, these taxes and fees can add as much as 26 percent to the duty, says MJSA.
The Indian Diamond and Colorstone Association, in contrast to MJSA's position, has been urging jewelry retailers to write to USTR before the Sept. 5 deadline for public comment to ask the USTR to continue the trade benefits granted to Indian jewelry manufacturers under the GSP program.
Sound familiar? Shades of Taft-Hartley and Protectionism. Perhaps the correct answer is to become more competitive.
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