NEWS

India, U.S. commit to linking economies across sectors at recently held Trade Policy Forum meet

DETAILS

• Decided to activate working groups of the Trade Policy Forum (TPF) on agriculture, non-agriculture goods, services, investment, and intellectual property to meet frequently and address issues of mutual concern in a mutually beneficial manner.
• Decided to forge an agreement to facilitate U.S. market access for mangoes, grapes, and pomegranates, pomegranate arils from India, and reciprocate with similar access in the Indian market to cherries, pork/pork products and alfalfa hay for animal feed from the United States.
• Discussions will also be held on enhancing market access for products such as distillers’ dried grains with solubles from the U.S. and resolving market access concerns for water buffalo meat and wild caught shrimp from India.
• The Indian side has sought restoration of the GSP (Generalized System of Preferences) benefits by the U.S. and said this would help industries from both sides in integrating their supply chain efficiently.

MAHITI FOR PRELIMS

Generalized System of Preferences

• US. trade program
• Designed to promote economic growth in the developing world
• Provides preferential duty-free entry for up to 4,800 products from 129 designated beneficiary countries and territories.
• Objective
  • Give development support to poor countries by promoting exports from them into the developed countries
  • Promote sustainable development in beneficiary countries by helping these countries to increase and diversify their trade with the United States.
  • Provide opportunities for many of the world’s poorest countries to use trade to grow their economies and climb out of poverty.