India approaches WTO over EU's imposition of tariffs on ferro-alloy products: Report

In 2024, the EU had imported iron and steel products worth $4.25 billion from India, the report said citing United Nations data

India has reached out to the World Trade Organization (WTO) for talks with the European Union over the latter’s move to impose tariffs and quotas on ferro-alloy imports, a report Mint said on December 17. The Union’s proposal to impose duties has deepened worries amid global trade uncertainties as New Delhi and Brussels seek a trade agreement, the report said.

The development comes even as India has been unable to strike a deal with the US over trade issues between the two nations. In addition, Mexico has also announced up to 50 percent tariffs Asian countries, including India on certain products, adding to New Delhi’s trade worries.

The report said New Delhi is seeking talks with the EU under Agreement on Safeguards as it has considerable trade interest in ferro-allow products.

Last month, the European bloc had issued a notification with the proposal of a safeguard duty, claiming serious threat to its local ferro-alloy industry over growing imports.

In 2024, the EU had imported iron and steel products worth $4.25 billion from India, the report said citing United Nations data. The proposed move could complicate India’s talks with the European Union for a trade deal.