India and the EU could not agree on concessions to mitigate the negative impact of import duties on steel at the WTO, writes The Economic Times on June 18.
The two sides held consultations on June 7 over the EU’s recent announcement of its decision to extend existing safeguards on imports of certain steel products beyond the current June 30 deadline for a further two years. “India and the European Union could not reach an agreement”India informed the WTO on Monday.
These measures are hurting imports from many countries, including India. “India has asked the European Union to submit its proposals to maintain a substantially equivalent level of concessions and other commitments, as well as adequate trade compensation to mitigate the negative impact of the proposed measure.”India said.
The publication recalls that India, China and Russia, as well as five other countries, criticized the EU’s decision to extend tariffs on some types of steel products, saying that the measure was introduced after the United States imposed additional tariffs on some categories of steel imports. of the 2018 block, does not comply with the rules of the global trade body.
In 2021, India proposed imposing additional import duties worth 292 million rupees (310 million rubles) on selected EU products as a retaliatory measure. He later proposed introducing an additional 15% customs duty on imports of 22 products, including whiskey, cheese and diesel engine parts, from the United Kingdom in response to the latter’s decision to impose restrictions on steel products after leaving the EU. EU.
Recall that, according to the WTO Safeguards Agreement, members of the organization can temporarily restrict the import of a product by increasing tariffs or taking other measures if their domestic industry is seriously affected.
These measures apply to all imports, not just those from a specific country, and should last no more than four years. However, developing countries that account for less than 3% of exports are not subject to such measures.
On June 17, India said it reserved the right to suspend equivalent concessions or other commitments.
Source: Rossa Primavera
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