NEW DELHI, March 5 (NNN-BERNAMA) — India on Tuesday played down the United States (US) decision to end preferential trade treatment for a host of Indian goods entering its market.<\/p>\n\n\n\n
Under the US Generalised System of Preferences (GSP), some products can enter America duty-free if beneficiary developing countries meet certain conditions.<\/p>\n\n\n\n
“India’s termination from GSP follows its failure to provide the United States with assurances that it will provide equitable and reasonable access to its markets in numerous sectors,” the US Trade Representative\u2019s Office said on Monday.<\/p>\n\n\n\n
India’s Ministry of Commerce suggested its impact would not be large.<\/p>\n\n\n\n
“GSP benefits are envisaged to be non-reciprocal and non-discriminatory benefits extended by developed countries to developing countries. In India’s case the GSP concessions extended by the US amounted to duty reduction of only US$190 million per annum,” the ministry said in a statement.<\/p>\n\n\n\n
Bilateral trade between the two countries in 2017 amounted to US$126.2 billion.<\/p>\n\n\n\n
Washington began an eligibility review of India’s compliance with the GSP market access criterion in April 2018.<\/p>\n\n\n\n
“India has implemented a wide array of trade barriers that create serious negative effects on United States commerce. Despite intensive engagement, India has failed to take the necessary steps to meet the GSP criterion,” the US statement noted.<\/p>\n\n\n\n
According to the Indian government, the US had started the review on the basis of representations by the US medical devices and dairy industries but later included other issues.<\/p>\n\n\n\n
“These included issues related to market access for various agriculture and animal husbandry products, relaxation\/easing of procedures related to issues like telecom testing\/conformity assessment and tariff reduction on ICT products,” the Commerce Ministry said.<\/p>\n\n\n\n
India said it was “agreeable to a very meaningful mutually acceptable package” on various issues and bought more US goods such as oil, gas, and coal, which resulted in a significant reduction of the US trade deficit with India in 2017 and 2018.<\/p>\n\n\n\n
The reduction is estimated to be over US$4 billion in 2018, with further scope of narrowing the deficit expected due to the growing demand for energy and civilian aircraft, the Indian ministry said.<\/p>\n\n\n\n
The US had a US$27.3 billion trade deficit with India in 2017.<\/p>\n\n\n\n
— NNN-BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
By Shakir Husain NEW DELHI, March 5 (NNN-BERNAMA) — India on Tuesday played down the United States (US) decision to end preferential trade treatment for a host of Indian goods entering its market. Under the US Generalised System of Preferences (GSP), some products can enter America duty-free if beneficiary developing countries meet certain conditions. “India’s termination […]<\/p>\n","protected":false},"author":19,"featured_media":12305,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[288,300,291],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/12303"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12303"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/12303\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/12305"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12303"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}