India, US talk restoration of GSP, withdrawal of tariffs
India is in talks with the US for restoration of Generalised System of Preferences (GSP), mutual withdrawal of their disputes at the World Trade Organization and removal of higher tariffs on steel and aluminium by Washington, as the two sides work to resolve their bilateral trade differences.
We have been discussing various issues with the US such as GSP restoration, and withdrawal of their Section 232 tariffs and our retaliatory duties,” said an official. The two sides have been engaged in talks to iron out the differences, which began last year when the US levied global additional tariffs of 25% and 10% on the import of steel and aluminium products, respectively.
India responded by levying retaliatory tariffs on 28 products originating or exported from the US with effect from June 16, for which Washington dragged it to dispute at WTO. Talks collapsed after the US withdrew incentives to $6.3 billion of Indian exports under the GSP programme effective June 5. Prime Minister Narendra Modi is travelling to the US later this month to attend the UN General Assembly.