Saturday 21 / December / 2024
New Delhi: US President Donald Trump has terminated India's preferential trade status. India enjoyed a host of privileges under 'Generalised System of Preference' (GSP). But those benefits will end alongside its GSP status on June 5, according to Trump. In a proclamation, Trump said : "I have determined that India has not assured the United States that India will provide equitable and reasonable access to its markets. Accordingly, it is appropriate to terminate India's designation as a beneficiary developing country effective June 5 2019.” The US president had initially informed congress of his intention to remove India's status on March 4 2019. In a statement, India's Ministry of Commerce and Industry said: "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."
