Representative Image; Picture credit: Washington Report ArchivesA group of 25 influential American lawmakers have urged the US Trade Representative not to terminate the Generalized System of Preference (GSP), contending that such a move would affect the country’s exports to India, reports Business Standard.
US President Donald Trump, on March 4, announced that the US is mulling to end the GSP privilege to India. Citing lack of ‘reasonable acces’ to the US to the Indian markets, Trump sought more access to a number of Indian sectors for trade.
With the 60-day notice period on the same expires today (3 May), the lawmakers are trying to convince the administration not go ahead with the decision. The lawmakers said that no party in the United States or India would benefit from terminating GSP.
The group, in its letter to US Trade Representative Robert Lighthizer, urged the government to make efforts to negotiate a deal which protects and promotes jobs relying on both imports and exports with India.
GSP is the largest and oldest trade preference designed to promote economic development among developing countries, allowing duty free trade of thousands of products.
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