The Commerce Ministry’s statement came soon after Donald Trump made announced that India would no longer stay under the preferential GSP commerce program from June 5, 2019.
- Currently, India is one of the biggest beneficiaries of the foreign exchange program
- The US has decided to suspend preferential trade status to India from June 5, 2019
- The Commerce Ministry has predicted the development of unfortunate
Shortly after US President Donald Trump announced that his administration will terminate preferential tariffs related to $5.6 billion worth Indian exports from June 5, India’s trade ministry has predicted the development, unfortunately.
“India had offered resolution on the important US asks to find a mutually acceptable way forward. Unfortunate that this didn’t find approval by the US,” the statement said.
The Commerce Ministry’s statement came after Trump chose clear on Saturday.
“India, such as the US and other countries shall always uphold national interest in these matters. We have concerns and development imperatives and our people aspire for better standards of living. This will remain the guiding factor in the government’s approach,” the release added.
Explaining that such issues get resolved mutually, it said: “We see this as part of the normal process and will continue to build our strong ties with the US, both economic and people-to-people.”
Commerce Ministry issues a statement over designation of India as a beneficiary developing country being terminated by the US. "India had offered resolution on significant US requests to find a mutually acceptable way forward. Unfortunate that this didn't find acceptance by US." pic.twitter.com/sb0nejwcsp
— ANI (@ANI) June 1, 2019