Goyal rules out mini trade deal
Says India, US thinking big; India wants GSP restoration; India entered into force-free trade deals with Australia and the UAE; India in active dialogue with UK, Canada, Israel, and the EU
Union Commerce and Industry Minister Piyush Goyal
Generalized System of Preferences
• Revoking GSP is not a priority for New Delhi
• Previous Trump govt revoked GSP from India
• GSP allows eligible developing countries to export duty-free goods to the US
• During Trump govt, 2 countries were on the verge of a mini trade deal
• But it's now been kicked out of the table
• Biden administration is also not in favour of a free trade agreement
Washington: The Modi government and the Biden administration are thinking big in terms of their trade and commerce relationship, a top Indian official said Wednesday as he ruled out the previously talked about mini trade deal or a free trade agreement and noted that revoking of GSP is not a priority for New Delhi. The previous Trump administration has revoked the Generalized System of Preferences (GSP) from India.
The GSP allows eligible developing countries to export duty-free goods to the US. It is during the previous administration as well that the two countries were on the verge of a mini trade deal, which has now been kicked out of the table. The Biden administration is also not in favour of a free trade agreement which businesses from either side are now talking about.
"I think in terms of GSP, I have not heard any significant clamour from the Indian industry. To focus our energies on the GSP issue, I have raised it today with my counterparts," Union Commerce and Industry Minister Piyush Goyal told reporters at a news conference at the conclusion of the India-US Trade Policy Forum meeting which he co-chaired with US Trade Representative Katherine Tai. "It's an issue, which is probably something that the Congress will have to take a call on. But it's not something which has been high on our priority lists or something on which we spend a lot of time to discuss, it was discussed, but more in passing," he said.
"I have placed on record our requests that GSP should be restored. But I can assure you the trade between the two countries continues to expand very rapidly. I do not think that GSP withdrawal has been to the detriment of our growing trade ties," the minister said in response to a question.
