The Indian Chamber of Commerce Thursday said it has prodded the US government to take a long-term decision on business ties with India, citing key instances like withdrawal of GSP and its decision to end the Iran oil waiver.
An ICC delegation led by President Rudra Chatterjee beckoned key US government authorities and attended a business seminar organised by the US India Business Council on the first day of their visit to the US.
As per the statement, Chatterjee opined at various meetings and business seminars that GSP (Generalised System of Preferences) provides duty free access to certain Indian Goods to the US market and these goods are further value added and marketed by their US counterparts.
Though the withdrawal will impact Indian exporters severely, it will worsen importing US companies equally, the Indian Chamber of Commerce said.
The Trump administration this week decided to remove the waivers from sanctions it had granted to eight countries, including India, for importing oil from Iran. Following the revocation of this waiver, countries violating the ban would face US sanctions.
It has coaxed the US government to take a long-term action on the US-India business relationship especially when the global economy is likely to plunge into recession during 2019 and the ongoing elections in India”.
ICC feels it will be a better idea to wait to discuss these issues with the new government during June or July. The Indian business delegation met key US government officials from the Department of Commerce.
