India’s steel ministry has advised the ministry of commerce to revise the criteria for determining anti-dumping duties on steel products from several countries, including China, to more effectively protect domestic companies from cheap imports, sources said.
The steel ministry argues that in some cases a tax will not stop dumping entirely and that the government must launch anti-circumvention investigations.
India’s steel industry wants the commerce ministry to exclude steel products from the Regional Comprehensive Economic Partnership’s proposed big free trade agreement.
The industry believes that lowering steel tariffs will lead to an influx of steel products from neighboring countries, which will have a serious impact on India’s domestic steel manufacturing industry.
The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement among the 10 asean member states that invites China, Japan, the republic of Korea, Australia, New Zealand and India (” 10+6 “) to establish a 16-country single market by reducing tariff and non-tariff barriers.If the RCEP is concluded, it will cover about 3.5 billion people and its total GDP will reach us $23 trillion, accounting for one third of the global total. It will also be the largest free trade area in the world.
Post time: Jun-17-2019