Following the withdrawal of Generalized System of Preference (GSP) benefits by the US, India said in a statement that as part of our bilateral trade discussions, it had offered resolution on significant requests made by the US in an effort to find a mutually acceptable way forward,  but it is unfortunate that this did not find acceptance by the US. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

"India, like the US and other nations should always uphold its national interest in these matters. We have significant development imperatives and concerns and our people also aspire for better standards of living. This will remain the guiding factor in the government’s approach," Ministry of Commerce & Industry said in a statement.

In any relationship, in particular, in the area of economic ties, there are ongoing issues which get resolved mutually from time to time. "We view this issue as a part of this regular process and will continue to build on our strong ties with the US, both economic and people-to-people. We are confident that the two

Nations will continue to work together intensively for further growing these ties in a mutually beneficial manner," the statement said. It said that these are unilateral, non-reciprocal and non-discriminatory benefits extended by some developed countries to developing countries.

Earlier, US President Donald Trump had terminated India's beneficiary developing nation status effective from June 5, 2019. The country ended the country's $5.6 billion trade concessions under the key GSP programme with India.

Under GSP,  US would allow duty-free entry for thousands of products from designated beneficiary countries. GSP is the largest and oldest US trade preference programme.