STEADY GROWTH IN INDIA'S TRADE WITH USA

---

India's trade with the US has increased steadily during the last five years. According to the available data for the current financial year (April-August 2003), India's exports to the United States are estimated at US $ 5473 million (i.e., US $ 5.4 billion) as against exports valued at US $ 5025 million (i.e., US $ 5 billion) in the corresponding period of 2002, thereby registering a growth of 8.18%.

During the period of April-March 2002-03, India's exports to USA at US $ 10855.58 million registered a positive growth of 27.51% over the corresponding period of the previous year, when the exports were valued at US $ 8513.34 million. The share of India's exports to USA out of India's global exports has been recorded at 20.78% during this period. It was 19.43% during the corresponding period of the previous year.

Meanwhile, the Ministry of Commerce & Industry (Department of Commerce) have described as totally baseless a report in a section of the press some time ago which said that Ms. Betsey Stillman, senior USTR official informed the Indian authorities in New Delhi that the US was having second thoughts on restoration of GSP (Generalised System of Preferences) benefit to India on the items on which it was withdrawn in 1992. The report had further indicated that this was to signal Washington's displeasure with India's opposition at the Cancun Ministerial to the level of agricultural subsidies maintained by the US.

The Ministry has said that during a meeting with the Indian officials and Ms. Betsey Stillman, the US side did not communicate any such views to the Indian authorities. In fact, the indication was that they were positively looking at the restoration of GSP benefit to India, the Ministry stressed.