The newly elected Narendra Modi government is not letting the withdrawal of India’s GSP benefits by the USA to pull it down one bit.
In a press statement, the Modi government said that the United States of America has w.e.f. 5 June 2019 withdrawn India’s GSP benefits.
It further states that these are ‘unilateral, non-reciprocal and non-discriminatory benefits extended by some developed countries to developing countries. 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.’
The statement by the Indian government also added that India, like the US and other nations ‘shall always uphold its national interest in these matters. 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.’
Further, the statement remains hopeful but firm that the action by the United States is unlikely to make India drop her stance. The Indian government said:
In any relationship, in particular, in the area of economic ties, there are ongoing issues which get resolved mutually from time to time. We view this issue as a part of this regular process and will continue to build on our strong ties with the US, both economic and people-to-people. We are confident that the two Nations will continue to work together intensively for further growing these ties in a mutually beneficial manner.