Vows to protect its interest 
AMN / NEW DELHI
India today termed the US move to terminate India’s designation as a beneficiary developing nation under the key Generalised System of Preference (GSP) trade programme as ‘unfortunate and vowed to protect the country’s national interest’.
In a press statement, India’s Commerce Ministry today said that these are ‘unilateral, non-reciprocal and non-discriminatory benefits’ extended by some developed countries to developing countries. It said that India, as part of our bilateral trade discussions, had offered resolution on significant US requests in an effort to find a mutually acceptable way forward. It is unfortunate that this did not find acceptance by the US.
India, like the US and other nations, shall always uphold its national interest in these matters. The statement said we have significant development imperatives and concerns and our people also aspire for better standards of living. This will remain the guiding factor in the Government’s approach.
India said it will continue to build on the strong ties with the US, both economic and people-to-people. It expressed confidence that the two Nations will continue to work together for further growing these ties in a mutually beneficial manner.
In a proclamation yesterday, President Donald Trump had terminated India’s designation as a beneficiary developing nation under the key GSP trade programme after determining that it has not assured the US that it will provide “equitable and reasonable access” to its markets.
“I have determined that India has not assured the United States that India 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,” Trump said in his proclamation.
The Generalized System of Preference (GSP) is the decades’ old trade preference programme which allows designated beneficiary countries to export goods to the United States without paying duties.