New Delhi: Select Indian goods might reappear in the US market as the import duty might be waived off for Indian exporters in the country.
The Donald Trump administration is likely to restore India’s trade preference under the Generalised System of Preference (GSP), which had been terminated in June 2019. The US is mulling restoring India’s beneficiary status on receiving a counterbalancing proposal from New Delhi, PTI reported citing a top Trump administration official.
The GSP is the US trade preference programme designed to promote economic development by allowing duty-free entry for products from designated beneficiary countries.
After India’s ambassador, Taranjit Singh Sandhu informed that India’s supply of antimalarial drug hydroxychloroquine (HCQ) to the US has given the two countries enough confidence and they could strike a smaller trade deal in the coming weeks, US trade representative Robert Lighthizer told members of the Senate Finance Committee that America is currently negotiating the GSP with India.
