NEW DELHI: Stating that the US has taken a “unilateral position” in rolling back export incentives from India, the Government on Wednesday asserted that it would not allow trade negotiations to overtake issues of national interest.
Responding to supplementaries during the Question Hour in Lok Sabha, Commerce and Industry Minister Piyush Goyal said “we believe” that the US decision of withdrawing GSP (Generalised System of Preferences) benefits “is not exactly as per the norms of WTO and GATT which have been mutually agreed and which are multilateral trade agreements”.
The World Trade Organisation (WTO) is a 164-member multi-lateral body which frames rules for global trade. India and the US are mmebers of this organisation.
Under the WTO, the General Agreement on Tariffs and Trade (GATT) aims at promoting trade by reducing or eliminating trade barriers like customs duties. (AGENCIES)