US to withdraw India's GSP benefits from June 5, Ministry says 'unfortunate'
New Delhi: The US will withdraw the Generalized System of Preferences (GSP) benefits extended to exports from India from June 5, 2019. India calls it "unfortunate".
The GSP benefits are envisaged to be non-reciprocal and non-discriminatory benefits extended by developed countries to developing countries.
According to the Ministry of Commerce and Industry: "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. India, like the US and other nations shall always uphold its national interest in these matters."
Earlier in March, the US had given a 60-day withdrawal notice to India on the GSP benefits extended by it.
Subsequently, the US commenced a review in April 2018 on India's GSP benefits, while both the countries were discussing various trade issues of bilateral interest.
In India's case the GSP concessions extended by the US amounted to duty reduction of only $190 million per annum.