European Union has extended the safeguard duty on imports of certain steel products for two years till 2026. It was earlier scheduled to expire this month. This is the second extension of such measures, which were first imposed in 2018. It is a form of tariff rate quota (TRQ). Reacting to this, an official said that India has the option to impose retaliatory customs duty under the World Trade Organization (WTO) norms on imported goods of a certain value from the European Union (EU). He said that both the sides have failed to reach a consensus on the EU safeguard measures on certain steel products.
India is among the affected countries
India is among the countries affected by this measure as it has substantial interest in steel exports to the EU. India, along with other countries, has earlier raised concerns at the WTO over the EU’s move to extend safeguard duty on imports of certain steel products till 2026. India has conveyed its concerns to the EU in this regard. “India has substantial interest as an exporter of the relevant products. The EU measure is not in line with global trade rules,” the official said.
No consensus reached in bilateral talks
Officials from India and the European Union held bilateral talks on the issue earlier this month, but a consensus could not be reached between the two sides. The official said that in such a situation, India has the option of imposing retaliatory customs duty under WTO norms on some value of goods imported from the European Union. The Ministry of Commerce and the Ministry of Steel are deliberating in this regard.
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