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Wednesday, February 04, 2015
India to ask US to remove 'wrongful' duties on HR steel exports
Tuesday, 03 Feb 2015: The Hindu Business Line reported that following the World Trade Organisation’s ruling against penal duties imposed by the US on hot rolled steel from Indian companies, New Delhi is compiling data on similar levies on other products in order to convince the US scrap them as well.
An official in the Commerce Ministry said that these items include lined paper products, PET film, commodity matchboxes, certain chemicals and at least 5 other steel products.
The Centre is also looking at how the US will implement the WTO ruling that held that CVD (countervailing duties) - levies to counter subsidised exports of a particular item - imposed by the US on hot rolled steel from India flouted global trade rules.
Proper implementation of the verdict would result in companies such as Essar, Jindal Steel and TATA Steel to resume their steel exports to the US. Indian steel companies had to almost stop all exports of hot rolled steel items to the US over the last few years as CVD ranging from 76% to 577% made their products highly uncompetitive.
Giving its verdict on a case filed by India against the US’ imposition of CVD or anti-subsidy duties on its hot-rolled steel products in December last year, the WTO upheld that the US practice of ‘cumulation’ or addition of subsidised and dumped imports while calculating the injury suffered by its industry due to subsidised imports was faulty.