India lodge WTO case against new EU steel safeguard measures, fears trade impact

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India lodge WTO case against new EU steel safeguard measures, fears trade impact

India has asked the WTO for consultations with the European Union to resolve a planned change of safeguard measures on certain steel imports, which could affect the Indian steel industry. The EU adjustment will start in two stages, including a 25% tariff on non-quota products until 2026, and changes to the remaining quotas and quota caps.

A submission by India to the WTO on Monday, seen by the Economic Times of India, read: "India has significant interests and therefore requests consultations with the EU... to review the information provided and exchange views on the proposed adjustment of the measures."

in FY24, India exported to the EU 6.64 billion USD worth of steel and its products, up from FY23's 6.1 billion USD. Officials said that when a country takes a safeguard measure, other countries can negotiate under the Safeguards Agreement to agree on a trade compensation to maintain WTO tariff reduction levels, or reserve the right to retaliate.

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