UK not to impose 4% countervailing duty on certain Indian steel products

Steel

The UK has agreed not to impose a 4 per cent countervailing duty (CVD) on certain Indian steel products, a move which would help domestic traders increase shipments, a senior government official said on Monday.

The UK's decision not to impose the CVD on Indian steel bars and rods follows bilateral meetings at the World Trade Organisation (WTO) in Geneva.

India's trade defence wing (TDW) has held bilateral meetings at WTO and argued against the extension of CVD against Indian exporters.

TDW argued that there was no injury to the British domestic industry and requested the UK to reconsider imposition of the duty, the official said.

"So the UK has agreed that no injury is being caused to their domestic industry and this 4 per cent duty would go away. It will help our exporters get greater market access there," the official said.

Similarly, India has successfully persuaded the US department of commerce to significantly reduce anti-dumping duty on certain Indian quartz surface products.

In June 2022, the US has proposed a duty rate of 161.56 per cent.

"Due to India's interventions, it has been brought down to 3.19 per cent," the official said adding now Indian exporters will become competitive in the US market.

In 2017-18, India exported these goods worth Rs 264 crore to the US, which rose to Rs 3,500 crore in 2021. The US imports these goods worth around Rs 24,000 crore.

In another case, the US department of commerce has imposed 13 per cent CVD on Indian sodium nitrite, but due to the intervention of India's trade defence wing, it has now reduced to 2.4 per cent.