US' GSP withdrawal won't hurt India as benefits are minimal, says official

Wednesday, 06 March 2019, 04:37 Hrs
29
cmt right
39
Comment Right
53
cmt right
9
cmt right
Printer Print Email Email
US' GSP withdrawal won't hurt India as benefits are minimal, says official


Downplaying the likely effects of the US withdrawal of benefits for Indian exports under the Generalised System of Preferences (GSP) programme, Commerce Secretary Anup Wadhawan has said the decision will not have any major impact on overall Indian exports to the US as the concessions availed under the scheme were "minimal".

Speaking to reporters here on Tuesday, Wadhawan said: "Total GSP benefits availed by India under the GSP programme were to the tune of $190 million on a trade $5.6 billion. So, the benefits both in an absolute sense, and as a percentage of the trade involved, are very minimal and moderate."

US President Donald Trump on Monday announced that he was ending India's trade concessions under the GSP programme accusing New Delhi of not providing Washington "equitable and reasonable access" to its markets.

Trump, who is on a mission to expand market access abroad and end US trade deficits, made the announcement in a letter to House Speaker Nancy Pelosi and Vice President Mike Pence in his capacity as the Senate President.

The US Trade Representative's Office (USTR) said that the preferences will end in 60 days after the notification to the Congress and the Indian government.

The Ministry of External Affairs (MEA) sources said the government will continue to talk to the US during the 60-day period. They said that efforts were being made to find a reasonable package and said the problem was not systemic.

Noting that there were a number of areas where India was willing to show flexibility, they said that it did not meet the US requirement.

There were genuine cultural concerns such as in case of dairy products, they said, adding that it was second year when US imports have grown.

The Commerce Secretary also said the US went ahead with the withdrawal of benefits despite the Indian government working out on an "extensive, reasonable, meaningful package which covered almost all the US concerns".

"Of course there were some additional requests beyond that, which could not be accepted at this time," he said.



Read More News:



IAF's 12 Mirage 2000 Jets Bomb Pakistan with 1000 KGs of Bombs



War memorial may replace Amar Jawan Jyoti as venue for paying tribute to fallen soldiers


Source: IANS
SPOTLIGHT
Enterprise IT
Taking on streaming giants like Netflix and Hulu, Walt Disney Co. has announced it will laun..
Entertainment
"Game of Thrones" author George R.R. Martin doesn't want season eight to be the final chapter of "..
Finance
The Reserve Bank of India injected a total liquidity of Rs 2.98 lakh crore in the market in 20..
Technology
Facebook-owned messaging app WhatsApp is still developing its previously announced "Vacatio..
Career
Wiley, a global leader in research and education has announced a series of blended learning progr..
US Indian
Facebook-owned photo messaging app Instagram has launched the beta version of its in-app sh..
Business
The Pentagon has selected Microsoft and Amazon Web Services (AWS, the cloud computing arm ..
Startup City
Youth are leading India's start-up ecosystem where the median age of founder-entrepreneurs..
Gadgets
Google Pixel and OnePlus smartphones are catching up and giving stiff competition to Samsu..