ICC urges US to review GSP withdrawal, Iran oil waiver revocation

The Indian Chamber of Commerce Thursday said it has urged the US government to take a long-term view on business ties with India, citing key issues like withdrawal of GSP and its decision to end the Iran oil waiver.

An ICC delegation led by President Rudra Chatterjee called on 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.

According to a 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.

While the withdrawal will impact Indian exporters severely, it will also impact importing US companies equally badly, the Indian Chamber of Commerce said.

The Trump administration this week decided to cancel the waivers from sanctions it had granted to eight countries, including India, for importing oil from Iran. Following the revocation of this waiver, any country violating the ban would face US sanctions.

It urged the US government "to take a long-term view on US-India business relationship especially when the global economy is likely to get into recession during 2019 and the ongoing elections in India".

ICC felt it would be a good 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.