A mechanism will be created to monitor the export of steel and aluminum products to America at concessional rates.
[ad_1]
Creative Commons
If Indian exporters faced any hurdles or problems, the commerce ministry would be informed and raised with the US during the Joint Monitoring Mechanism (JMM) meetings. During the visit of Prime Minister Narendra Modi in June last year, both the countries had decided to remove trade related barriers. Under this, both the parties had agreed to settle six trade disputes in the World Trade Organization (WTO).
The Ministry of Mines, Steel and the Department for Promotion of Industry and Internal Trade (DPIIT) will set up an internal mechanism to monitor exports of steel and aluminum products to the US at concessional rates. An officer gave this information. Indian exports of these products were earlier attracting additional duty in the US. In 2018, citing national security, the US had imposed 25 percent import duty on steel products and 10 percent import duty on some aluminum products. In retaliation, India had imposed additional customs duties on 28 American products in June 2019.
Following India’s decision to remove retaliatory duties on eight American products like apples and walnuts, the US is now allowing these imports from India without paying additional 25 per cent and 10 per cent duty. The official said the two countries have agreed to set up a joint monitoring mechanism to enable domestic export of at least 3.36 lakh tonnes of steel and certain aluminum products to the US in a year without paying additional duty. The Department of Commerce has finalized the terms with respect to the Joint Monitoring Mechanism (JMM) to enable domestic exports of certain steel and aluminum products to the US without paying additional duties and the US has agreed to the proposed text. .
“The Ministries of Mines, Steel and DPIIT were requested to set up an internal monitoring mechanism to monitor exports of steel and aluminum products to the US, particularly under the US 232 measure,” the official said. Will meet twice a year to review. If Indian exporters faced any hurdles or problems, the commerce ministry would be informed and raised with the US during the Joint Monitoring Mechanism (JMM) meetings. During the visit of Prime Minister Narendra Modi in June last year, both the countries had decided to remove trade related barriers. Under this, both the parties had agreed to settle six trade disputes in the World Trade Organization (WTO).
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
other news
[ad_2]
Source link
