As of 2017, some 5.6 billion US dollars' worth of Indian imports enjoys duty-free status in accordance with the GSP, making the country the biggest beneficiary of the program, data from the USTR's office showed.
The Indian government on Tuesday downplayed the effect of the US decision to withdraw trade concessions granted to India under the Generalised System of Preferences (GSP), with Commerce Secretary Anup Wadhawan saying that the impact would amount to only $190 million on the value of $5.6 billion in exports to the USA that fall under the GSP category.
Last year, the United States began reviewing India's eligibility for the program. The economic value of GSP benefits are very moderate. U.S. to terminate GSP in 60 days.
The move comes as the U.S. and China seek to negotiate an exit from a costly trade war between the two countries that is part of the Trump administration's efforts to address what it views as inequitable commercial relationships with other states.
GSP benefits are envisaged to be non-reciprocal and non-discriminatory benefits extended by developed countries to developing countries."In India's case, the GSP concessions extended by the United States amounted to duty reduction of only 190 million dollars per annum", said an official statement.
James Clapper: Trump-Kim Summit 'Doomed From The Get-Go'
The maneuvers have been a perennial target of North Korean fury - condemned by Pyongyang as provocative rehearsals for war. Gleb Ivashentsev, Russia's former ambassador to North Korea, shared high praise for Kim on Russia's version of 60 Minutes .
Exporter bodies urged the commerce department to provide specific support on product market matrix for exports to U.S. with a view that the landed price of such products remains more or less what was under the GSP regime.
India is the world's largest beneficiary of the Generalized System of Preferences (GSP), which dates from the 1970s, and ending its participation would be the strongest punitive action the United States has taken against the country since Trump took office.
In 2017, the United States protested against India's decision to cap prices of medical devices. India has said that it is willing to concede ground on some U.S. demands-on heart implants, for instance-and review its policy.
Acceptability of U.S. market access requests related to products like alfalfa hay, cherries and pork was conveyed.
FILE PHOTO - A worker loads goods into a container at Thar Dry Port in Sanand in the western state of Gujarat, India, February 10, 2016. Any MFN duty reduction would nearly entirely benefit third countries. When we send a motorcycle to India, it's a hundred percent tariff. The country was also willing to consider discussions for a Mutual Recognition Agreement on telecom testing.
Joey Logano does wild burnout following Vegas win
It's the second week in a row Team Penske picked up a victory, after Keselowski won at Atlanta last week. Kevin Harvick is leading from the pole after the first stage of the NASCAR Cup Series race in Las Vegas.
"In the four-and-a-half decades since Turkey's designation as a GSP beneficiary developing country, Turkey's economy has grown and diversified", the letter said.
The government had, in the middle of past year, decided the list of items on which it would impose retaliatory tariffs but has since then postponed the deadline of implementation six times.
Modi has pointed to India's growing diplomatic heft and strategic ties with big powers such as the United States to underline his foreign policy successes.
On developmental considerations, there may be a few tariff peaks which are true for nearly all economies.
US, China closing in on a trade deal
Also mentioned would be an $18 billion natural-gas purchase from Cheniere Energy , people familiar with the transaction said. Trump and members of his economic team have has sounded optimistic about the chances for sealing a deal.
But the USTR said Turkey was graduating from the GSP programme due to its "increase in gross national income per capita, declining poverty rates, and export diversification".