homeeconomy NewsUS could reverse decision of withdrawing GSP benefits to India if situation warrants, says commerce secretary Wilbur Ross

US could reverse decision of withdrawing GSP benefits to India if situation warrants, says commerce secretary Wilbur Ross

US could reverse decision of withdrawing GSP benefits to India if situation warrants, says commerce secretary Wilbur Ross
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By CNBC-TV18 May 8, 2019 8:30:53 AM IST (Updated)

The US could reverse the decision of withdrawing trade concessions to India under the Generalised System of Preferences (GSP) if situation warrants, said US commerce secretary Wilbur Ross on Tuesday.

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In an exclusive interview with CNBC-TV18, the commerce secretary said that the decision could be reversed if India addresses the issues raised during the negotiations.
Wilbur Ross, who is in India for trade talks, has had discussions with commerce minister Suresh Prabhu over a number of issues including ecommerce, data protection and localisation among others.
The US last year announced that it will review the eligibility criteria of India currently benefited under the GSP, a programme that allows a duty-free entry for about $6 billion worth of India's export into the American market.
Ross clarified that the revaluation of GSP was underway even before the issues with Walmart and Amazon came up. He expressed his disappointment saying despite a year of negotiations, the country hasn't seen any progress it was hoping for.
Ross said that the changes in ecommerce rules have been costly to American companies and added that the concern was that the rules were put in place without any consultation.
"Treatment to Walmart and Amazon will make people worried about making investments in India," he said.
India has been the largest beneficiary of the US' GSP programme with exports worth $5.6 billion in 2017-18.
Read our full coverage on Wilbur Ross' India visit here.
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