Cautioning that US firms seeking to expand exports to India could be hit, a group of 25 US lawmakers recently urged the US Trade Representative (USTR) Robert Lighthizer not to terminate the generalised system of preferences (GSP) benefit with India after the 60-day notice period following the announcement of such an intention by President Donald Trump expired on May 3.
The GSP trade preference programme promotes economic development by allowing duty-free entry for thousands of products from beneficiary countries.Cautioning that US firms seeking to expand exports to India could be hit, a group of 25 US lawmakers recently urged the US Trade Representative Robert Lighthizer not to terminate the generalised system of preferences benefit with India after the 60-day notice period following the announcement of such an intention by President Donald Trump expired on May 3.#
On the eve of the end of the notice period, the lawmakers, in a letter, urged Lighthizer to continue negotiating a deal that protects and promotes jobs that rely on trade—both imports and exports—with India, according to a news agency report.
No party, in the United States or India, would benefit from terminating GSP benefits, the letter said.
“American companies that rely on duty-free treatment for India under the GSP will pay hundreds of millions of dollars annually in new taxes. In the past, even temporary lapses in such benefits have caused companies to lay off workers, cut salaries and benefits, and delay or cancel job-creating investments in the United States,” the letter added. (DS)
Fibre2Fashion News Desk – India
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