In a press statement, Commerce Ministry said that these are unilateral, non-reciprocal and non-discriminatory benefits extended by some developed countries to developing countries.
It said that India had offered resolution on significant US requests in an effort to find a mutually acceptable way forward.
Govt has said that it is unfortunate that this did not find acceptance by the US. India, like the US and other nations, shall always uphold its national interest in these matters.
The statement said we have significant development imperatives and concerns and our people also aspire for better standards of living.
This will remain the guiding factor in the Government’s approach.
The statement further added that India will continue to build on the strong ties with the US, both economic and people-to-people.
It also expressed confidence that the two Nations will continue to work together for further growing these ties in a mutually beneficial manner.