NEW DELHI: The United States will review if India’s exports need any preferential accessto its market, potentially impacting nearly 3,500 goods including mechanical and electrical machinery, organic and inorganic chemicals, plastics and vegetables that get duty free access to the world’s biggest market. This is a sword hanging on us every year,” said a Delhi-based trade expert.The petitions filed by the US dairy industry and the US medical device industry requested a review of India’s GSP benefits, given that Indian trade barriers affecting the US exports in those sectors.India has implemented a wide array of trade barriers that create serious negative effects on the US commerce, the USTR alleged. “The US might stop the benefit this year because they don’t consider us a developing country anymore,” the trade expert added.Congresshad last month votedto renew the GSP through 2020. “GSP provides an important tooltohelp enforcetheTrump administration’s key principles of free and fair trade acrossthe globe. These include respecting arbitral awards in favour of US citizens or corporations, combating child labour , respecting internationally recognised worker rights, providing adequate and effective intellectual property protection, reducing barriers toservicestrade and investment and providing the US with equitable and reasonable market access.

Source: Economic Times April 14, 2018 04:30 UTC