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This grants market access for Indian steel and aluminum products
The successful resolution of six long-standing trade disputes between the United States and India at the World Trade Organization (WTO) is set to usher in a new era in bilateral trade and commerce ties.
This milestone achievement was jointly communicated by Prime Minister Narendra Modi and President Joseph Biden during the Prime Minister's state visit to the USA.
During a press conference in New Delhi on Friday (June 23, 2023), Union Commerce and Industry Minister Piyush Goyal emphasized the importance of this development. The six trade disputes encompassed critical sectors such as steel, aluminum, renewable energy, solar products, and export-related measures.
Three of the six trade disputes that will be terminated have been filed by India against the USA:
* Countervailing Measures on Certain Hot-Rolled Carbon Steel Flat Products from India (DS436)
* Certain Measures Relating to the Renewable Energy Sector (DS510)
* Certain Measures on Steel and Aluminum Products (DS547).
The other three disputes, which have been filed by the USA against India, are:
* Certain Measures Relating to Solar Cells and Solar Modules (DS456)
* Export Related Measures (DS541)
* Additional Duties on Certain Products from the United States (DS585).
Minister Goyal said that India and the US have actively engaged in discussions during the last two years to terminate these six outstanding disputes at the World Trade Organization (WTO). The successful negotiation of this Mutually Agreed Solution (MAS) by both sides marks the culmination of protracted negotiations, and it is unprecedented in WTO history.
As per the deal, the US has agreed to grant Indian steel and aluminum goods market access under Section 232 of the Trade Expansion Act 1962's exclusion procedure. In return, India has agreed to remove retaliatory tariffs on certain products while maintaining the prevailing basic import duty applicable to all imports.
This market access will restore opportunities for Indian steel and aluminum exporters, which were previously limited due to the US 232 measure imposing additional duties of 25% and 10% on steel and aluminum products, respectively, since June 14, 2018.
In accordance with the market access agreement, the US Department of Commerce will grant approval to 70% of applications for steel and 80% of applications for aluminum for goods coming from India. Via the exclusion procedure outlined in Section 232, importers will submit these applications on the exporters' behalf. This important accomplishment is anticipated to increase India's exports of steel and aluminum by almost 35%.
This milestone achievement was jointly communicated by Prime Minister Narendra Modi and President Joseph Biden during the Prime Minister's state visit to the USA.
During a press conference in New Delhi on Friday (June 23, 2023), Union Commerce and Industry Minister Piyush Goyal emphasized the importance of this development. The six trade disputes encompassed critical sectors such as steel, aluminum, renewable energy, solar products, and export-related measures.
Three of the six trade disputes that will be terminated have been filed by India against the USA:
* Countervailing Measures on Certain Hot-Rolled Carbon Steel Flat Products from India (DS436)
* Certain Measures Relating to the Renewable Energy Sector (DS510)
* Certain Measures on Steel and Aluminum Products (DS547).
The other three disputes, which have been filed by the USA against India, are:
* Certain Measures Relating to Solar Cells and Solar Modules (DS456)
* Export Related Measures (DS541)
* Additional Duties on Certain Products from the United States (DS585).
Minister Goyal said that India and the US have actively engaged in discussions during the last two years to terminate these six outstanding disputes at the World Trade Organization (WTO). The successful negotiation of this Mutually Agreed Solution (MAS) by both sides marks the culmination of protracted negotiations, and it is unprecedented in WTO history.
As per the deal, the US has agreed to grant Indian steel and aluminum goods market access under Section 232 of the Trade Expansion Act 1962's exclusion procedure. In return, India has agreed to remove retaliatory tariffs on certain products while maintaining the prevailing basic import duty applicable to all imports.
This market access will restore opportunities for Indian steel and aluminum exporters, which were previously limited due to the US 232 measure imposing additional duties of 25% and 10% on steel and aluminum products, respectively, since June 14, 2018.
In accordance with the market access agreement, the US Department of Commerce will grant approval to 70% of applications for steel and 80% of applications for aluminum for goods coming from India. Via the exclusion procedure outlined in Section 232, importers will submit these applications on the exporters' behalf. This important accomplishment is anticipated to increase India's exports of steel and aluminum by almost 35%.
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