India has sought restoration of the preferential access to the US market that was revoked by Washington in 2019.
India was the largest beneficiary of the Generalized System of Preferences (GSP) status in 2017, with $5.7 billion worth of imports into the US given duty-free status. About 2,000 products including auto parts and textile materials were allowed to enter the US duty-free.
“India highlighted its interest in restoration of its beneficiary status under the US Generalized System of Preferences program. The United States noted that this could be considered, as warranted, in relation to the eligibility criteria determined by the US Congress,” according to a joint statement issued at the conclusion of the India-US Trade Policy Forum meeting co-chaired by commerce minister Piyush Goyal with US Trade Representative Katherine Tai.“The United States and India also exchanged views on potential targeted tariff reductions,” said the statement. Bilateral trade between India and the US rose to $119.5 billion in 2021-22 from $80.5 billion in the previous year.
According to PTI, Goyal told reporters, “I have placed on record our requests that GSP should be restored.”.
