India has formally requested the reinstatement of its Generalized System of Preferences (GSP) status under the US program, a privilege revoked in 2019 by the Trump administration. During the India-US Trade Policy Forum, co-chaired by Commerce Minister Piyush Goyal and US Trade Representative Katherine Tai, Goyal emphasized India’s interest in GSP restoration. Ambassador Tai acknowledged this could be considered based on US Congress-defined eligibility criteria.
India, the leading GSP beneficiary in 2017, exported $5.7 billion duty-free goods to the US, covering 1,900 products like engineering goods and chemicals. The ministers highlighted the significant role of professionals, students, investors, and business visitors in bolstering bilateral economic ties. Minister Goyal addressed challenges faced by Indian business visitors due to visa processing delays, urging the US to expedite the process.
Both nations identified key areas, including critical minerals, customs, trade facilitation, and high-tech products, to develop a forward-looking roadmap. They committed to pursuing joint initiatives and emphasized mutual interests in public health discussions for safe and effective medical products.
In the realm of trade, the ministers acknowledged the strong momentum in India-US bilateral trade, likely exceeding $200 billion in 2023. Despite global challenges, they expressed the desire to further enhance engagement and diversify trade. The commitment to preventing technical regulations, like Quality Control Orders, from creating unnecessary trade barriers was reiterated.
The US appreciated India’s efforts to modernize its patent system, particularly through proposed amendments to streamline compliance requirements and facilitate patent filing and granting. Both nations look forward to continued collaboration and increased bilateral trade.
