US, India have made exploratory requests for greater market access: Piyush Goyal
“Regular consultations with the concerned line ministries / departments and other stakeholder’s bodies is a part of the ongoing discussions,” he said in a written reply to a question on bilateral trade negotiations with the US in Rajya Sabha. The ...
by ET Bureau
New Delhi: Commerce and industry minister Piyush Goyal on Friday said that US has made exploratory requests relating to greater market access for some of their products while India has made similar reciprocal requests for exploring the possibility of greater market access for Indian products.
“Regular consultations with the concerned line ministries / departments and other stakeholder’s bodies is a part of the ongoing discussions,” he said in a written reply to a question on bilateral trade negotiations with the US in Rajya Sabha.
The minister said that trade related issues are discussed as a part of any ongoing economic relationship, and are addressed from time to time as per mutual understanding.
In a separate reply, he said the impact of General System of Preference (GSP) withdrawal by US varies across products. However, at an average level, the duty advantage was a moderate 3.8% of the value of India’s exports to the US which were availing GSP benefits.
“In 2018, India exported $782 million worth of processed foods, leather and gems and jewellery to USA under GSP (as per USITC figures), which constituted 12.46 % our entire GSP exports to the US, 1.44% of India’s total exports to US and 1.03 % of India’s global exports in these sectors,” he said,
In the year 2019 (June – Sept), post GSP withdrawal, the processed foods, leather and gems and jewellery together have registered a growth in exports to US of almost 3.80 % in the lines where GSP benefit were available earlier, when compared to the corresponding period of the previous year (2018) where GSP benefits were available.
Goyal also said that bilateral trade discussions are a part of any ongoing economic engagement and such issues also form a part of the discussions in India’s ongoing economic engagement with the US. All options available are taken in to account while deciding on the appropriate course of action in national interest.