\'It is unfortunate\': India on US decision to end preferential trade status
New Delhi: India has described the United States’ decision as ‘unfortunate’ to terminate India’s designation as a beneficiary developing country.
The response came hours after US President Donald Trump declared to end India’s designation as a beneficiary nation under a key preferential trade programme on June 5.
Read | USA to revoke India's 'beneficiary developing country' status from June 5
“India had offered resolution on significant US requests to find a mutually acceptable way forward. Unfortunate that this didn’t find acceptance by US,” the commerce ministry said in a statement.
Commerce Ministry issues a statement over designation of India as a beneficiary developing country being terminated by the US. "India had offered resolution on significant US requests to find a mutually acceptable way forward. Unfortunate that this didn't find acceptance by US." pic.twitter.com/sb0nejwcsp
— ANI (@ANI) June 1, 2019
Trump on Friday said: "I have determined that India has not assured the US that it will provide equitable and reasonable access to its markets. Accordingly, it is appropriate to terminate India's designation as a beneficiary developing country effective June 5, 2019."
At a press conference, Congress spokesperson Randeep Surjewala said: “Withdrawal by US of the special trade status is a double whammy. India has decided to yield to the pressure of the US and stop purchasing crude oil from Iran. Now our special trade status with the US is gone.”
This decision by the United States will be the first major challenge for the Commerce and Industry minister Piyush Goyal.
India was the largest beneficiary of the programme in 2017 with USD 5.7 billion in imports to the US given duty-free status, according to a Congressional Research Service report in January.
