India recently asserted that it would not allow trade negotiations with the United States to overtake issues of national interest. The latter has taken a ‘unilateral position’ in rolling back the generalised system of preference (GSP) benefits from India that is against mutually acceptable global norms, Commerce and Industry Minister Piyush Goyal told parliament.
India exported goods worth over $6 bn under GSP in 2018. The bilateral trade in goods and services registered a growth of 14.5 per cent in 2018. The bilateral trade in goods registered a growth of 22.4 per cent and trade in services registered a 9.3 per cent growth in 2018, an official report said quoting the Minister’s written reply in parliament lower house.