Will Always Uphold National Interest, Says India as Donald Trump Terminates Preferential Trade Status
The Commerce Ministry said India had offered "resolution on significant US requests to find a mutually acceptable way forward".
New Delhi, June 1: Reacting to the US government's proclamation to terminate the status of India as a 'beneficiary developing country', the Commerce Ministry on Saturday said the country will always uphold its national interest. The Commerce Ministry said India had offered "resolution on significant US requests to find a mutually acceptable way forward".
"It is unfortunate that this did not find acceptance by the US," the Commerce Ministry, in a statement said. US President Donald Trump terminated India’s designation as a beneficiary developing nation under the key GSP trade programme, with the proclamation stating that New Delhi has not assured the US that it will provide "equitable and reasonable access to its markets".
"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," the Commerce Ministry said. US Says No Proof of India Using Afghan Soil Against Pakistan.
"In any relationship, particularly in the area of economic ties, there are issues which get resolved mutually time to time," it said. The ministry added that India views the issue as part of its ongoing economic relationship with the US. "We will continue to build on our strong ties with the US, both economic and people to people," the ministry said.
The Generalized System of Preference (GSP) is the largest and oldest US trade preference programme and is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries.
"I have determined that India has not assured the US that it will provide equitable and reasonable access to its markets. Accordingly, it is appropriate to terminate India’s designation as a beneficiary developing country effective June 5, 2019," President Donald Trump said in a proclamation on Friday ignoring a plea by several top American lawmakers. (With PTI inputs)
(The above story first appeared on LatestLY on Jun 01, 2019 06:01 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).