New Delhi, June 27 -- Union Commerce Minister Piyush Goyal told the Lok Sabha that the government was negotiating with US the issue of withdrawing the Generalized System of Preferences (GSP) status to Indian business houses.
India said the withdrawal of exports incentives by the US is in way recognition of the country's growing economic strength, but it is a unilateral move not in line with norms laid down by World Trade Organization (WTO).
"I would like to state that US has taken a unilateral position. We believe that it is not exactly as per the norms of WTO and General Agreement on Tariffs and Trade (GATT), which have been mutually agreed and are multilateral trade agreements," he said.
The World Trade Organisation (WTO) is a 164-memb...