India’s recent decision to impose minimum import price on certain steel items has been opposed by Japan, the EU, Korea, Australia, and Canada at the World Trade Organisation, all of whom have alleged it goes against multi-lateral trade rules.
The countries also criticised safeguard duties imposed by India on steel recently.
While India is yet to formally respond to the complaints, a Commerce Ministry official told BusinessLine that a minimum import price (MIP) was a short-term measure and was generally removed as soon as the deluge in imports subsided.
“There is over capacity in the steel industry worldwide. Many countries are adopting protectionist measures to stop import of the metal. Given the sharp increase in steel import in India, the Centre deemed it appropriate to impose an MIP as a temporary measure (maximum for six months) to check cheap inflows,” the official said.
In its representation at the Goods Council meeting of the WTO, Japan said the MIPs were having a significant adverse impact on exports from the country and were clearly inconsistent with GATT rules. Canada, Australia, the EU and Chinese Taipei also backed Japan’s demand that India should withdraw the MIP.
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