Read also: Trump`s trade movement could deal a political blow to Indian fashions The Turkey-EU Tchizunion removes tariffs, quantitative restrictions and measures of equivalent effect in trade in industrial products to guarantee the free movement of goods. As a result of the customs union, Turkey has opened its internal market to competition in the EU and third countries, while guaranteeing its exporters free access to the EU market. In addition, Turkey is committed to adapting to the preferential regimes that the EU applies to third countries and to harmonising its legislation with the EU acquis in a wide range of areas, including technical standards and regulations, as well as competition policy. However, agricultural trade is carried out between the contracting parties under the preferential system; trade in steel products is governed by the free trade agreement between Turkey and the European Coal and Steel Community. In February, India began applying new rules on e-commerce to protect domestic traders from foreign economic giants. The rules caused serious disruption for Amazon and Flipkart, mostly owned by US retail giant Walmart. In a letter to U.S. congressional leaders on March 4, the White House said India and Turkey would lose preferential trade treatment with the United States. Last month, 24 members of the U.S. Congress sent a letter to Trump asking him not to end the status of india`s GSP.
But Ankara had hoped that Washington would not advance the decision and said it would oppose the $75 billion target for mutual trade between President Donald Trump and Turkish President Tayyip Erdogan. However, U.S. trade agents accuse New Delhi of “putting in place a wide range of trade barriers that have serious negative impacts on U.S. trade.” U.S. officials said their country`s trade deficit with India reached $27.3 billion in 2017. It describes the bilateral and multilateral trade agreements to which that country belongs, including with the United States. Includes websites and other resources that allow U.S. companies to get more information about how they can use these agreements. In April 2018, the United States launched a review of India`s eligibility to meet the GSP eligibility test. India has introduced a number of trade barriers that have serious negative impacts on U.S.
trade. Despite its intense commitment, India has not taken the necessary steps to meet the GSP test. Turkey was one of 120 countries participating in the GSP, the oldest and largest trade preference program in the United States. The aim is to promote economic development in the beneficiary countries and territories by removing tariffs on thousands of products. Washington accuses New Delhi of creating a wide range of trade barriers that have a negative impact on U.S. trade. According to media reports, India could impose higher tariffs on imports of U.S. products in response to Trump`s recent step. Turkey, as a contracting party to the WTO General Agreement on Tariffs and Trade (GATT), implements free trade agreements in accordance with Article XXIV of the 1947 GATT. This article allows Turkey to give its trading partners favourable treatment within the framework of a customs union or free trade area, without extending this treatment to all WTO members, subject to certain conditions.Uncategorized