US withdraws Duty-free market access for Indian goods
In his latest statements made, President Donald Trump announced that the US shall be withdrawing the GSP benefits offered earlier to the Indian Traders, within US duty-free markets.
As per authorities, India presently receives duty-free benefits under the GSP applicable to over 3000 exported goods. President Trump, on 31st May 2019, announced that this benefit shall be withdrawn. The new terms would be implemented for Indian Goods starting from 5th June 2019.
The new implementations were made by the President Trump a day after PM Narendra Modi and his Cabinet Ministers resumed working for the second tenure after elections. Sources state that this withdrawal may have been imposed on Indian export goods on account of AdvaMed, which was currently aiming to alter product prices.
As per recommendations made by Robert Lightizer (US Trade Rep.), a notification was made by AdvaMed requesting to consider the withdrawal of GSP for some time later till ending of General Elections.
AdvaMed is also considered as one of the largest association for manufacturing Medical devices. The company, in its recent updates, decided to end the benefit of regulating the same price controls imposed by India on its products.
No decisions have yet been made by President Trump regarding continuing with the GSP facilities on the exported goods from India after 5th June 2019. It is obvious that within the US market, India was still the time, eligible for receiving Generalised system of Preferences over certain selected export goods.