New Delhi: 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, an announcement that could be seen as a major setback to bilateral trade ties.
President Trump notified Congress in letters of his "intent to terminate" trade benefits for both countries under the Generalized System of Preferences (GSP) eligibility criteria.
Below is the list of items that are affected by Trump's annoucement:
Source: Ministry of Commerce and Industry, Government of India
In response to Trump's announcement, Indian Commerce Secretary Anup Wadhawan spoke to reporters here saying that the "GSP withdrawal will not have a significant impact on India's exports to the US." He added that India mainly exports raw materials and intermediate goods such as organic chemicals to the US.
Under the United States GSP programme, nearly 2,000 products including auto components and textile materials can enter the US duty-free if the beneficiary developing countries meet the eligibility criteria established by Congress.
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