India and Turkey are set to lose their long-standing preferential status when trading with the US, in the latest shake up to the global trading system under President Donald Trump.
The countries no longer qualified for their designation as beneficiary developing countries under Washington’s Generalized System of Preferences, US trade officials said in a statement. The change came after an order from the US president.
The move comes after India failed to assure the US of “equitable and reasonable” market access while Turkey was now “sufficiently economically developed”, the trade officials said.
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