News By/Courtesy: Manishi Srivastava | 11 Mar 2019 23:06pm IST

HIGHLIGHTS

  • US President Donald Trump has said he intends to pre end the preferential trade status granted to India.
  • The US Trade Representative's Office has said that removing India from the Generalized System of Preferences (GSP) programme would not take effect for at least 60 days after the notifications.
  • "The withdrawal of GSP benefits to India will have a minimal and moderate impact" Mr. Wadhawan said at a press conference.

US President Donald Trump has said he intends to pre end the preferential trade status granted to India and Turkey asserting that New Delhi has failed to assure America of "equitable and reasonable" access to its markets, an announcement that could be seen as a major setback to bilateral trade ties. The US Trade Representative's Office has said that removing India from the Generalized System of Preferences (GSP) programme would not take effect for at least 60 days after the notifications to Congress  and the Indian government, and it will be enacted by by a presidential proclamation.  "The withdrawal of GSP benefits to India will have a minimal and moderate impact" Mr. Wadhawan said at a press conference. "The total GSP benefits amount to about $190 million on overall exports (under GSP) of $5.6 billion between the two countries". India mainly exports raw materials and intermediate goods such as organic chemicals to the US, he said. The response comes after the US government said it intends to end the preferential trade status granted to India. "We had worked out a meaningful package that covered the US' concerns but they made additional requests which were not acceptable at this time" he added. "The GSP system is envisaged as a non-reciprocal benefit to developing countries."

Section Editor: Priyanshu Gupta | 11 Mar 2019 23:15pm IST


Tags : #India#Youth

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