Commerce Secretary Anup Wadhawan today said, US decision to withdraw India’s name from Generalised System of Preferences, GSP list will not have any significant impact on country’s 5.6 billion dollar exports to the US. Briefing media in New Delhi, the Secretary said, economic value of GSP benefits are very moderate. He added that India’s relations remain strong with USA and discussions will go on.
The Commerce Secretary’s response came after US President Donald Trump has said, he intends to 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. The US Trade Representative’s Office has said that removing India from the GSP programme would not take effect for at least 60 days after notifications to Congress and the Indian government, and it will be enacted by a presidential proclamation.
As many as 1,900 Indian products from sectors such as chemicals and engineering get duty free access to the US market under the GSP which was introduced in 1976.