US’ decision to withdraw India from GSP list to have no significant impact: Commerce Secretary

Updated:7 years, 4 months ago

New Delhi, Mar 05 (ANI): Commerce Secretary Anup Wadhawan on United States’ decision to withdraw India’s name from Generalised System of Preferences (GSP) program list, said that economic value of GSP benefits are very moderate and added that despite United States’ decision to terminate GSP in 60 days, the Indo-US relations will remain strong and discussions will go on.Wadhawan further added that as per assessments, the decision will not have any significant impact on India’s 5.6 billion dollar exports to the US.On GSP benefits, he said, “Our total GSP benefits were to the tune of 190 million dollars on a trade of 5.6 billion dollars for the benefits both in an absolute sense and as a percentage of the trade involved are very minimal and moderate.” Commerce Secretary added that GSP benefits are envisaged as non-reciprocal and non-discriminatory benefits to be extended by developed countries to developing countries. They should keep in mind the realities of the developing countries and their developmental concerns are needed to be addressed as the part of world trade.

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US’ decision to withdraw India from GSP list to have no significant impact: Commerce Secretary

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