India will “always uphold its national interest” in trade matters as “our people also aspire for better standards of living”, the government said today in response to US President Donald Trump ending India’s designation as a beneficiary nation under a key preferential trade programme.
“India as part of our bilateral trade discussions, had offered resolution on significant US requests in an effort to find a mutually acceptable way forward. It is unfortunate that this did not find acceptance by the US,” the government said in a statement.
“I have determined that India has not assured the US that it 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,” said Trump on Friday.
The Generalised System of Preference (GSP) is the largest and oldest US trade preference programme and is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries.