New Delhi, June 1 (KNN) The United States of America (US) has terminated India’s designation as a beneficiary developing nation under the key GSP trade program after determining that it has not assured US that it will provide “equitable and reasonable access” to its markets.

Reacting on this, Engineering Export Promotion Council (EEPC) India said that it will fully support the Indian government's response to US withdrawal of the GSP benefits, even as are hopeful that the two nations would stay gainfully engaged to resolve all the trade issues, to their mutual interests.

Chairman of EEPC Ravi Sehgal said, “The US would continue to remain our important trading partner.”

The Generalized System of Preference (GSP) is the largest and oldest US trade preference program and is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries.