‘Grave consequences’: Sena after US removes India from developing countries’ list
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Saturday
July 02, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
SATURDAY, JULY 02, 2022
‘Grave consequences’: Sena after US removes India from developing countries’ list

Global Economy

TBS Report
15 February, 2020, 02:00 pm
Last modified: 15 February, 2020, 02:07 pm

Related News

  • Biden offers fresh aid to Ukraine as NATO prepares for long fight
  • Biden says will see Saudi crown prince, won't push directly on oil
  • US to boost military presence in Europe as NATO bolsters its eastern flank
  • Boycott Nation: How Americans are boycotting companies now
  • US Supreme Court takes aim at separation of church and state

‘Grave consequences’: Sena after US removes India from developing countries’ list

The office of the US Trade Representative (USTR) had issued a notice earlier this week removing India and 24 other nations, including China, from the list of developing countries and listing it as a developed economy, making it ineligible for benefits given by Washington to developing countries

TBS Report
15 February, 2020, 02:00 pm
Last modified: 15 February, 2020, 02:07 pm
US President Donald Trump holds a bilateral meeting with India's Prime Minister Narendra Modi on the sidelines of the annual United Nations General Assembly in New York City/Reuters
US President Donald Trump holds a bilateral meeting with India's Prime Minister Narendra Modi on the sidelines of the annual United Nations General Assembly in New York City/Reuters

The Shiv Sena has criticised US president Donald Trump for withdrawing India's status as a developing country a week ahead of his two-day visit to India from February 24, saying he is "bringing a box of bitter gourds instead of sweets".

The office of the US Trade Representative (USTR) had issued a notice earlier this week removing India and 24 other nations, including China, from the list of developing countries and listing it as a developed economy, making it ineligible for benefits given by Washington to developing countries, reports Hindustan Times.

The US move on Monday will also reduce the threshold for triggering an investigation into whether nations are harming American industries with unfairly subsidised exports, according to the USTR notice.

The Sena said in an editorial in its mouthpiece Saamana on Saturday that the move by the United States will lead to bhayankar dushparinam or grave consequences.

"The Trump administration has thrown a 'googly' by claiming India is now a developed country and not a developing one because India's global trade has increased by 0.5% and today India is part of the group of powerful countries called G20," the editorial said.

It also seemed to throw a challenge to Prime Minister Narendra Modi.

"Our Prime Minister will surely find a way to turn this bitter news into sweet news," it said.

The editorial pointed out that India was far from the status of a developed country on parameters like health, education, employment, cleanliness and poverty alleviation and will not be able to avail subsidies and US tax benefits owing to its new position.

The move, it said, will be a big blow to India's trade with America and it will face grave consequences with its trade globally as well.

"The World Trade Organization (WTO) gives a lot of subsidies to developing countries. Trump could not see this. So he has removed India, China, and South Korea from the list of developing nations."

Trump starts his visit to India on February 24, aimed at rebuilding bonds between the world's largest democracies. A trade deal was seen as the chief goal for the trip when the two sides began planning the presidential trip.

The US is looking for greater access to the Indian market for its dairy producers and makers of medical devices and some other concessions, for a near-term deal, with the larger and more complex issues of a Free Trade Agreement and others kicked down the road to another time.

India, in return, is seeking the restorations of its benefits under a preferential US trade regime called the Generalized System of Preferences, which were terminated by the Trump administration last summer for India's refusal to concede more market access to US companies.

Trump suspended India's special trade designation last year that dated back to 1970s, after Modi put price caps on medical devices, such as cardiac stents and knee implants, and introduced new data localisation requirements and e-commerce restrictions.

The US president's trip to India has raised hopes that he would restore some of the country's US trade preferences, in exchange for tariff reductions and other concessions.

The editorial said it is even more shocking that the Trump government chose a time around the President's visit to India for the decision.

"Leaders make official visits to other countries and bring gifts with them. This is an old tradition which Trump has now broken. Whereas on the one hand, Prime Minister Narendra Modi, who adheres to traditions, is preparing for a grand welcome for Trump, on the other, Trump is bringing a box of bitter gourds with him instead of bringing sweets," it said.

The editorial also said Trump's decision and timing was based on his "sole aim" to win the hearts of Americans ahead of the elections in the US scheduled for the end of the year.

"He has made this move to ease American industrialists but has broken the back of Indian businessmen in the process," Saamana said.

World+Biz / Top News

Sena / US / Trade

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • In rain, heat, filth – they fight against cancer
    In rain, heat, filth – they fight against cancer
  • Evaly: Justice stuck within a server password
    Evaly: Justice stuck within a server password
  • Fewer cattle, buyers mark 1st day of Eid cattle sales in Chattogram
    Fewer cattle, buyers mark 1st day of Eid cattle sales in Chattogram

MOST VIEWED

  • Photo: Collected
    Ukraine requests Turkey detain Russian-flagged ship it says carrying Ukrainian grain
  • A man counts Pakistani banknotes along a roadside in Islamabad, Pakistan, November 16, 2017. REUTERS/Faisal Mahmood
    Indian rupee hits record lows despite cenbank intervention
  • A general view of Two International Finance Centre (IFC), HSBC headquarters and Bank of China in Hong Kong, China July 13, 2021. Photo :Reuters
    Hong Kong-mainland trade surges more than sixfold in 25 years
  • There is no 'back to normal' after Covid
    There is no 'back to normal' after Covid
  • The exterior of the New York Stock Exchange. Photo: Reuters
    US stocks see worst first half drop since 1970
  • Employees work on the production line during an organised media tour to a Schneider Electric factory in Beijing, China February 17, 2022. REUTERS
    Factory data dampen global 'soft landing' hopes

Related News

  • Biden offers fresh aid to Ukraine as NATO prepares for long fight
  • Biden says will see Saudi crown prince, won't push directly on oil
  • US to boost military presence in Europe as NATO bolsters its eastern flank
  • Boycott Nation: How Americans are boycotting companies now
  • US Supreme Court takes aim at separation of church and state

Features

Photo: Collected

Sapiens – A Graphic History 

19h | Book Review
Black-naped Monarch male  Photo: Enam Ul Haque

Black-naped Monarch: A sovereign who never abandoned the Indian subcontinent

20h | Panorama
The 136-year-old company on its last legs

The 136-year-old company on its last legs

21h | Features
Agricultural worker walks between rows of vegetables at a farm in Eikenhof, south of Johannesburg, South Africa. Photo: Reuters

With vast arable lands, why is Africa dependent on imported grain?

18h | Panorama

More Videos from TBS

Dhaka University celebrating 102nd founding anniversary today

Dhaka University celebrating 102nd founding anniversary today

19h | Videos
Ctg Int'l Trade Fair returns after a 2-year hiatus without Covid restrictions

Ctg Int'l Trade Fair returns after a 2-year hiatus without Covid restrictions

20h | Videos
Bangladeshis among top 6 nationalities seeking asylum in Europe

Bangladeshis among top 6 nationalities seeking asylum in Europe

20h | Videos
RUET organises Robotronics 2.0

RUET organises Robotronics 2.0

20h | Videos

Most Read

1
Padma Bridge from satellite. Photo: Screengrab
Bangladesh

Padma Bridge from satellite 

2
Meet the man behind 'Azke amar mon balo nei'
Splash

Meet the man behind 'Azke amar mon balo nei'

3
Photo: TBS
Bangladesh

Motorcycles banned on Padma Bridge 

4
Photo: Collected
Economy

Tech startup ShopUp bags $65m in Series B4 funding

5
World Bank to give Bangladesh $18b IDA loans in next five years
Economy

World Bank to give Bangladesh $18b IDA loans in next five years

6
Investor Hiru fined Tk2cr for market manipulation
Stocks

Investor Hiru fined Tk2cr for market manipulation

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab
BENEATH THE SURFACE
Workers with minimum safety equipment are busy producing iron rods at a local re-rolling mill at Postogola in Old Dhaka. Reused metals from the adjacent shipyards in Keraniganj have played a major role in establishing several such mills in the area. PHOTO: Mumit M

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net