Certain steel, aluminium to get greater mkt access in US: Comm min – ET Infra

NEW DELHI: The commerce ministry on Friday said the US has agreed to provide greater market access to certain Indian steel and aluminium products, a development which would help increase outbound shipments of these goods. This was part of the agreement reached between the two countries which have decided to terminate six trade disputes at the World Trade Organisation (WTO).

The six cases are countervailing measures on certain hot-rolled carbon steel flat products from India, certain measures relating to solar cells and modules, measures relating to the renewable energy sector, export-related measures, certain measures on steel and aluminium products, and additional duties on some products from the US.

“As a part of the agreement, the US has agreed to grant market access to steel and aluminium products under the exclusion process of Section 232 of the Trade Expansion Act 1962,” the ministry said in a statement.

India has also agreed to remove the retaliatory tariffs on certain products.

However, the prevailing basic import duty on these products applicable to all imports will continue, it said.

This market access will restore opportunities for Indian steel and aluminium exporters, which were restricted since June 14, 2018, because of the US 232 measure under which additional duties of 25 per cent and 10 per cent were levied on steel and aluminium products respectively, it added.

“As part of the market access, going forward, the US Department of Commerce will clear 70 per cent of steel and 80 per cent of aluminium applications for products originating in India,” it said.

These applications will be made under the exclusion process of Section 232 by the importers on behalf of the exporters.

“It would provide significant impetus to raise India’s steel and aluminium exports by about 35 per cent,” it added.

In 2018, the US imposed 25 per cent and 10 per cent import duties on certain steel and aluminium products, respectively, on grounds of national security. In retaliation, India in June 2019 imposed customs duties on 28 American products, including chickpeas, lentils, almonds, walnuts, apples, boric acid, and diagnostic reagents. India had also filed a complaint against the US in WTO on imposing these duties.

On the steel and aluminium case, there were requests by Indian players to exclude certain products from the high-duty list.

The US had imposed these duties using Section 232 of an act that permits the president to restrict imports.

  • Published On Jun 24, 2023 at 08:45 PM IST

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