India hopes to get back $6bn worth of export benefits under GSP
The United States has noted India’s call for restoration of Generalized System of Preferences (GSP) following the 12th India-US Trade Policy Forum held in New Delhi on 23 Nov 2021.
India had highlighted the significance of GSP restoration and its benefits that would help industries from both sides in integrating their supply chain efficiently.
India lost US$6 billion worth of exports under GSP, which accounted for 12% of its total shipments to the US market with the loss of GSP. Washington terminated GSP privilege for India in June 2019, citing differences over trade matters. But US officials then assured that it could be reinstated.
The TFP was co-chaired by Commerce and Industry Minister Piyush Goyal and US Trade Representative Ambassador Katherine Tai who took a firm decision to integrate the economies across sectors and move towards securing an ambitious future for trade relations between the two strategic partners and democracies.
The two leaders underlined the importance of integrating the two economies across sectors to harness the untapped potential of the relationship and the importance of services, including digital services and the significant potential for increasing bilateral services, trade and investment.
They also underlined the importance of movement of professional and skilled workers, students, investors and business travelers between both countries, as it contributes immensely to enhancing bilateral economic and technological partnership.
Tai also agreed with Goyal on the significance of negotiating a Social Security Totalization Agreement in the interest of workers from both sides. They welcomed further engagement on pursuing such an agreement. #exports #investment #manufacturing /fiinews.com
