Unfortunate, says India as US ends preferential trade status, then explains

The commerce ministry said India had offered resolution on significant US requests to find a mutually acceptable way forward which Washington rejected.

India has described as ‘unfortunate’ the United States’ decision to terminate India’s designation as a beneficiary developing country.

India has described as ‘unfortunate’ the United States’ decision to terminate India’s designation as a beneficiary developing country. (AFP)

“India had offered resolution on significant US requests to find a mutually acceptable way forward. Unfortunate that this didn’t find acceptance by US,” the commerce ministry said in a statement.

“Withdrawal by US of the special trade status is a double whammy. India has decided to yield to the pressure of the US and stop purchasing crude oil from Iran. Now our special trade status with the US is gone,” Congress spokesperson Randeep Singh Surjewala said at a press conference.

Washington’s decision is the first major challenge for new commerce and industry minister Piyush Goyal who took charge of the ministry Friday afternoon.

On Friday, the US formally terminated India’s eligibility for a duty-free import scheme for developing countries. It said India has not given assurances it “will provide equitable and reasonable access to its markets” to US companies as required under relevant American trade laws.