New Delhi: Commerce Ministry has issued a statement over the designation of India as a beneficiary developing country being terminated by the US. The statement said "India had offered resolution on significant US requests to find a mutually acceptable way forward. Unfortunate that this didn't find acceptance by US."
The Commerce and Industry Ministry said the United States of America (USA) has with effect from 5 June 2019 withdrawn India’s GSP benefits. These are unilateral, non-reciprocal and non-discriminatory benefits extended by some developed countries to developing countries. 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.
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The ministry further added 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.
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 ministry said.
