BrahMos WORLD INDIA MADHYA PRADESH BHOPAL WTN SPECIAL Astrology GOSSIP CORNER SPORTS BUSINESS FUN FACTS ENTERTAINMENT LIFESTYLE TRAVEL ART & LITERATURE SCIENCE & TECHNOLOGY HEALTH EDUCATION DIASPORA OPINION & INTERVIEW RECIPES DRINKS FUNNY VIDEOS VIRAL ON WEB PICTURE STORIES
WTN HINDI ABOUT US PRIVACY POLICY SITEMAP CONTACT US
logo
Breaking News

India’s number after Turkey!

Saturday - May 18, 2019 2:14 pm , Category : WTN SPECIAL
‘Disconnection' in India and US trade relations
‘Disconnection' in India and US trade relations

GSP benefits to India may be stopped by the US after Lok Sabha Elections!

MAY 18 (WTN) – The political relations between India and the US have always been fluctuating. According to the political party of the US President, the policy of the US with India has decided so far. If you talk about business relations between India and the US, then there has been a trade relation between India and America for decades. It has been observed that political relations between India and the US have never been overly dominated by trade relations.

Although, trade relations between India and the United States have always been normal according to the needs of the two countries, and there has been a trade of millions of dollars between these two countries. But after becoming President of Donald Trump, there is a setback in the business relations between India and the US, because the US President Trump has announced to cancel the benefits of the Generalized System of Preferences (GSP) to India, which is a cause of concern for India.

For your information, let us know that US President Donald Trump has stopped giving benefits of the GSP to Turkey before India. Indeed, the US facilitates duty-free access to the market-based goods of poor and backward countries under GSP in their market. Countries like India and Turkey were availing this facility for years.

The US has also given notice to India to end the GSP exemption, but no final decision has been taken yet. For your information, let you know that GSP is a major contributor to trade relations between India and the US. GSP is America's largest and old trade preferential program. The US program was launched to promote economic growth by exempting thousands of products from selected beneficiary countries.

For your information, let us know that the US President Donald Trump announced on March 4 that the US had the intention of ending America's status of preferential trade given to India and Turkey is to end. After this Turkey's GSP beneficiary country status ended on May 17. After this, there is a fear that the US can also retain this status from India.

The White House or the US Trade Representative (USTR) has not said anything about India's GSP status at the moment. But it is being said that it can be declared at any time. However, according to information from the media, after the recent visit of US Commerce Minister Wilbur Ross, the US has agreed to not make any official announcement of India's GSP status till the Lok Sabha Elections in India.

However, many American lawmakers and industry representatives have written to the Trump Government, and asking them to stop their order till the formation of a new government in India. But nothing has been said clearly from the Trump Government about this. Now it has to be seen that after the GSP status has been removed from Turkey, will America do the same with India? Or it may be that America continues to give exemption to India considering the trade war with China.