March 5, 2019 / 3:41 AM / in 2 months

India says preferential trade arrangement with U.S. more symbolic than high value: source

A man holds the flags of India and the U.S. while people take part in the 35th India Day Parade in New York August 16, 2015. REUTERS/Eduardo Munoz/Files

NEW DELHI (Reuters) - India hopes the planned withdrawal by the United States of a preferential trade treatment to India would not lead to trade hurdles, an Indian government source said on Tuesday, adding that the “actual benefit” to India was only $250 million a year.

“GSP (Generalized System of Preferences) is more symbolic of the strategic relationship not in value terms,” the source said, declining to be named ahead of a press briefing by the Indian trade ministry.

U.S. President Donald Trump said on Monday he intended to end India’s preferential trade treatment under a program that allows $5.6 billion worth of Indian exports to enter the United States duty free.

Reporting by Neha Dasgupta; Writing by Krishna N. Das; Editing by Sanjeev Miglani

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