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2011-06-28

India has vast scope in US trade

The business meet highlighted duty free exports to America under the Generalized System of Preferences (GSP) and the Obama administration's international trade policies and how India could be affected

India has vast scope in US trade

FIEO, the apex body for exporters, feels that there is a vast scope for small and big players to enter in the US market.

Ajay Sahai, Director General & CEO, Federation of Indian Export Organisations (FIEO) has said that  there was ample scope for small and big players to enter this lucrative market. There was also a large amount of investment in the US by Indian organizations which has touched USD 20 billion. Sahai felt that GSP has to be revived as it had lapsed and was affecting the trade to the US.

The business meet highlighted duty free exports to America under the Generalized System of Preferences (GSP) and the Obama administration's international trade policies and how India could be affected.

Meanwhile, Manila Munjal Sarkaria, Advocate & Partner, Kaden Boriss (India Office), in her welcome address highlighted the key trade issues between the countries and was of the view that GSP is one of the important aspects related to Indo-US trade. She also emphasised on the need to spread awareness on the significance of GSP and its impact on Indo-US trade.

Leslie Alan Glick, Partner, Porter Wright Morris & Arthur LLP, from Washington DC, with a professional experience of 25 years is an expert in the areas of US Customs and international trade law. He is the author of several books on international trade.

Glick in his speech explained how GSP worked, plans for renewal, and how and when Indian exporters can apply to include their products and prevent their products from losing benefits under GSP. Specific cases were also discussed. Glick also spoke about US laws covering antidumping, countervailing duties, food safety and product safety as well as gave an overview of the Obama administration's trade policy.

The Indian exporters were not taking full advantage of the GSP duty free exports to the US, added Glick.

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