New Delhi, Jun 1 : In the wake of Donald Trump terminating India's designation as a beneficiary developing nation under the key GSP trade programme, New Delhi said on Saturday 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.
"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," according to the Ministry of Commerce and Industry statement here.
The US has with effect from June 5, withdrawn India’s Generalised System of Preferences (GSP) benefits. These are unilateral, non-reciprocal and non-discriminatory benefits extended by some developed countries to developing countries.
India, like the US and other nations shall always uphold its national interest in these matters. 'We have significant development imperatives and concerns and our people also aspire for better standards of living. This will remain the guiding factor in the Government’s approach,' it said.
India 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," the statement said.
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)