The bilateral trade in goods and services registered a growth of 14.5% in the year 2018 with the US. The bilateral trade in goods registered a growth of 22.4% (DGCIS figure) and bilateral trade in services registered 9.3% (US Census Bureau) in 2018.

India exported goods worth of USD 6.3 billion (as per USTR figures) to U.S. under the GSP programme during the calendar year 2018, which contributed 12.1% of India’s total export to the US in the year. The impact will vary across products, depending on the individual product level concessions constituting the average duty concession of 3.8% on India’s exports to the US in 2018 availing GSP benefits, and other factors specific to each product.

The Minister of Commerce and Industry of India and the US Commerce Secretary recently held a bilateral meeting on 06th May, 2019.

The issues covered various areas of mutual concern including a general consensus on taking the trade relationship to a higher level.

Trade related issues are a part of any ongoing economic relationship, and will continue to be discussed and addressed as a part of the regular bilateral trade engagement between India and the US.

This information was given by the Minister of Commerce and Industry, PiyushGoyal, in a written reply in the Lok Sabha today.

Generalized System of Preferences impacts India-US goods exports, prompting continued bilateral engagement to address product-specific concession effects Exports from India to the US under the Generalized System of Preferences represented a measurable share of total exports and benefited from an average duty concession that varies by product; the practical impact of GSP depends on product-level concessions and other product-specific factors. Senior trade officials met in May 2019 and the countries committed to continued bilateral consultations as the mechanism to address trade-related issues and the differential effects of preferential tariff treatment.