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India and U.S. to discuss GSP restoration issue to find solution : Piyush Goyal
NEW DELHI: India and the U.S. have agreed to discuss New Delhi’s demand for restoration of GSP benefits to domestic exporters and now both sides will commence discussions to find a solution, Commerce and Industry MinisterPiyushGoyalsaidonJune23.
The previous Trump administration in the U.S. revoked the Generalized System of Preferences (GSP) from India in 2019. The GSP allows eligible developingcountriestoexportduty-free goodstotheU.S.
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About 1,900 Indian products from sectors such as chemicals and engineering were getting duty-free access to the US market under the GSP, introducedin1976.
The joint statement issued after the meeting of Prime Minister Narendra Modi and U.S. President Joe Biden in
Washington said that India has highlighted its interest in the restoration of its status under the U.S. Generalized System of Preferences programme, which could be considered in relation to eligibility criteria determinedbytheUSCongress.
The leaders supported intensifying the work to advance progress on issues relatedtotheeligibilitycriteria,itsaid.
Mr. Goyal said that now it is a matter for both countries to pursue and engage inadialogue.
But ultimately it’s the US Congress which will have to take a final decision “but discussions will now commence on that issue,” he told reporters in NewDelhi.
The U.S. has assured that they will consider that and “we will discuss that andfindsomesolution,”headded.
When asked about cooperation in semiconductor sector between India and the US, the Minister said companies start with R&D, innovation, testing and packaging and then gradually decide on providing the endto-endfacility.
India will be a $100 billion semiconductormarketby2030.
When asked if U.S. electric car maker Tesla has sought incentives after its chief Elon Musk met the Prime Minister in New York on June 21, he said “no such requests” havebeenreceived.
Tesla Inc, the world’s largest electric car producer, is looking to make a significant investment in India, said Musk, who saw India as holding more promise than any other large country aroundtheglobe.
