United States to end preferential tariff system for Turkey as its economy becoming sufficiently developed – statement
India, meanwhile, is being terminated from the programme because it has failed “to provide the United States with assurances that it will provide equitable and reasonable access to its markets in numerous sectors.”
“India has implemented a wide array of trade barriers that create serious negative effects on United States commerce. Despite intensive engagement, India has failed to take the necessary steps to meet the GSP criterion,” the trade representative’s office added. President Donald Trump sent letters to Congress and the Turkish and Indian governments to notify them of the changes, setting off a 60-day countdown after which they will take effect via presidential proclamation.
“In the four and a half decades since Turkey’ s designation as a GSP beneficiary developing country, Turkey’s economy has grown and diversified,” Trump wrote in a letter to lawmakers, adding Washington “remains committed to fair and reciprocal trade with Turkey.” India was the largest beneficiary of the system, with it covering roughly $5.69 billion in imports, according to a report issued by the Congressional Research Service in January.
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