On February10, the office of the United States Trade Representative (UST) eliminated a host of countries including India from its list of ‘developing economies’ and reclassified them as ‘developed countries’. But that is not something to be happy about. Because India (and the other countries) stands to lose certain trade benefits such as preferential treatment with respect to countervailing duty (CVD) investigations.
The Office of the U.S. Trade Representative (USTR) is responsible for developing and coordinating U.S. international trade, commodity, and direct investment policy, and overseeing negotiations with other countries.
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