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Under US preferential trade program in 2017 India was the largest beneficiary with 5.7$ billion in import to US duty free.
WASHINGTON: US President Mr. Donald Trump has decided that now India not doing Preferential trade in US and he confirmed that by given statement in proclamation on Friday.
The Trump administration argues that India has failed to assured US that they will provide equitable and reasonable access to its markets in numerous sectors.
On March 4, Mr. Trump announced that the US ends the India’s designations as a beneficiary developing country under the GSP(Generalized System of Preferences)program. The 60-day notice period ended on May 3.
Mr. Trump given statement in proclamation on Friday that” 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,”
According to a Congressional Research Service report issued in January, in 2017 India was the largest beneficiary with 5.7$ billion in import to US Duty free.
After all this India had said that the US government’s move to withdraw duty concessions on certain products under the GSP(Generalized System of Preferences) program will not have a significant impact on exports to America as the benefits were only about $190 million annually.