Goyal rules out mini trade pact with U.S., says GSP not a priority for India

Source: The post is based on the article “Goyal rules out mini trade pact with U.S., says GSP not a priority for India” published in The Hindu on 13th January 2023.

What is the News?

The 13th India-U.S. Trade Policy Forum (TPF) was held in Washington.

What are the key issues discussed in the India-US TPF?

The Indian government and the US government ruled out any mini-trade deal or a free trade agreement. The Indian government has said that the restoration of the Generalized System of Preferences (GSP) was not a priority for India.

Both India and US have intensified their work to find mutually-agreed solutions on outstanding WTO disputes between the two countries.

The US appreciated India’s a) Initial public consultation on the draft Drugs, Medical Devices and Cosmetics Act, b) Domestic consultations regarding the administration of IP (intellectual property) regime.

What is the Generalized System of Preferences (GSP)?

The previous US administration had revoked the GSP benefit for India. The system allows eligible developing countries to export duty-free goods to the U.S., for India.

What is India-U.S. Trade Policy Forum (TPF)?

It is a forum to resolve bilateral trade and investment issues with five focus groups—agriculture, investment, innovation and creativity (intellectual property rights), services and tariff and non-tariff barriers.