New Delhi, Jun 1: Engineering Export Promotion Council (EEPC) on Saturday supported the government after the US terminated India's designation as a beneficiary developing nation under the key GSP trade programme.
''EEPC India fully supports the Indian government's response to the US withdrawal of the GSP benefits, even as are hopeful that the two nations would stay gainfully engaged to resolve all the trade issues, to their mutual interests," said EEPC India chairman Ravi Sehgal in a statement here.
The US would continue to remain our important trading partner, he said.
The United States of America has with effect from June 5, 2019 withdrawn India’s Generalized System of Preferences (GSP) benefits. These are unilateral, non-reciprocal and non-discriminatory benefits extended by some developed countries to developing countries.
India said that it had offered resolution on significant US requests in an effort to find a mutually acceptable way forward but it was unfortunate that that did not find acceptance by the US.Under the 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.India was the largest beneficiary of the programme in 2017 with USD 5.7 billion in imports to the US given duty-free status. (UNI)