The United States does not believe that India is eligible for the grant of a spe...
NEW DELHI - The United States does not believe that India is eligible for the grant of a special trade privilege but is renegotiating its terms after revoking the status earlier this year, U.S. Secretary of Commerce Wilbur Ross told Reuters on Thursday.
Citing lack of reciprocal market access, the United States stripped India from the Generalized System of Preferences program that allowed duty-free entry for up to $5.6 billion worth of its annual exports to America. “If we can solve GSP, that’s a very good step towards free trade,” Ross told Reuters in an interview on the sidelines of the India Economic Summit in New Delhi.
In February, India’s new investment rules for the e-commerce sector jolted Amazon.com Inc and Walmart’s Flipkart as the companies were forced to change their business structures to continue to operate in the country.
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