United States has no unconstitutional solution to the dispute about removing Indian production from the General Preference System (GSP). India and the United States will continue to work towards stabilizing bilateral trade and economic relations.
According to the report, under GSP India had got a $ 19 million discount every year, but the United States gave 60 days’ notice to remove the GDP from the first week of March. And it was objected to the commercial process as well. This period of GSP is going to end on June 5, whereas issues related to trade process are not resolved between the two countries, due to which the exemption on import duty in the United States will end on June 5.
India has terminated a $ 19 million waiver in tax-free, India says that like the US, India and other countries prefer their national interests in such cases. It is a continuous process to solve problems in the field of special economic relations with any country. India sees this matter as a regular process and believes in stable ties with the United States. India has been convinced that both countries will continue working to strengthen bilateral relations, seeing bilateral interests.
India’s Union Minister for Commerce and Industry has said that the US has not accepted the resolution of removing Indian production from the GSP, which could be considered unfortunate.