India, 7 other WTO members slam EU & UK over steel duty

Kirtika Suneja Kirtika Suneja | 04-23 16:20

"The EU said it has evidence that the steel safeguard measure continues to be necessary," said a Geneva-based official, who did not wish to be identified.
India, China and Russia, along with five other World Trade Organization (WTO) members, on Monday criticised the European Union's decision to extend its existing safeguard measure on certain steel products beyond June 30.

At a WTO meeting, they argued that the EU's safeguard duty - brought into force after the United States in 2018 imposed additional duties on certain categories of steel imports from the bloc - was inconsistent with the global trade body's rules.

WTO members, including India, also criticised similar duties imposed by the United Kingdom.

"The EU said it has evidence that the steel safeguard measure continues to be necessary," said a Geneva-based official, who did not wish to be identified.

During the meeting, China and Korea said the rationale for the extension of the measure was ill-founded, while Brazil argued that the only sustainable solutions for the global problem of excess steel capacity were those based on multilateral or plurilateral cooperation instead of unilateral protectionist measures.

Retaliatory measures
In 2021, India had proposed to impose additional import duties worth 292 million on select products from the EU as retaliation against the safeguard measures.

It then proposed additional customs duties of 15% on the import of 22 products - including whisky, cheese and diesel engine parts - from the UK, in retaliation to the latter's decision to impose restrictions on steel products after it exited the EU.

UK to decide on extension
The UK will decide whether to extend the measure by June 30, when the safeguard expires.

"Several members said the UK has been imposing safeguard measures against imports of steel products since it was a member of the EU and continued to do so even after Brexit," the official said.

The WTO members alleged that the UK failed to carry out an investigation justifying the measures in line with the WTO rules.

Under the global trade body's Safeguards Agreement, members can restrict the imports of a product temporarily by imposing higher tariffs or other measures if its domestic industry is seriously injured.

The measures apply to all imports, and not just those from a particular country, and should not last more than four years.

However, developing countries accounting for less than 3% of the exports are excluded from such measures.


Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.


ALSO READ

Hyundai Motor India lists with record IPO, commits to Indian market with new tech and EV plans

As part of its effort to introduce clean mobility solutions for Indian buyers, Hyundai will launch f...

auto | 6 hours ago

Skoda Auto Volkswagen India plants over 7 lakh trees in Maharashtra for ecological restoration

Additionally, SAVWIPL has installed 18.5 MWp of rooftop solar power at its Chakan facility, which of...

auto | 6 hours ago

Mega Corporation launches Lendingo to enhance EV financing solutions

Mega Corporation on Monday announced the launch of a new division, Lendingo. Mega Corporation on Mon...

auto | 6 hours ago

GreenLine accelerates decarbonisation efforts with 1,000 LNG trucks by March 2025

The government in a recent draft policy proposed to convert a third of long-haul trucks into LNG pow...

auto | 6 hours ago

Remsons Industries acquires 51% stake in BEE Lighting to enhance automotive lighting solutions

Established in 2006, BEE Lighting specialises in automotive headlamps, rear lamps, and various exter...

auto | 6 hours ago

EV Recharge partners with ZEVO for mobile EV charging solutions

EV Recharge’s technology can charge vehicles from 0% to 80% in just 20 minutes, a significant improv...

auto | 6 hours ago