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Steel imports UPSC NOTE

 Safeguard measures on steels imports by EU

  • The Commission confirmed the measure, in early 2019, until end of June 2021. 

  • Following a prolongation review investigation, the measure was subsequently extended until 30 June 2024. 

  • It takes the form of Tariff-Rate-Quotas ('TRQs') reflecting traditional trade flows, above which a 25% duty is levied on imports

  • India and some others, including Japan, Brazil and Russia, have criticised the EU and the U.K. for considering an extension of the existing safeguard measures on some steel product imports beyond the current termination date of June 30.

  • At a recent meeting of the WTO safeguards committee, most of the members opposing the extension pointed out the safeguard measures, which are tariff increases which kick in when steel imports exceeded a fixed quota, were already judged as being inconsistent with WTO rules by a dispute settlement panel and should therefore be terminated

Why it is challenged by countries like India

  • China and Korea, which were among the countries opposing the move, noted circumstances changed since the measure was introduced in 2019 as the EU demand for imported steel had increased and the EU had struck a bilateral deal with the U.S. exempting the bloc from U.S. Section 232 tariffs on steel

  • Brazil, another country demanding a termination, said unilateral protectionist measures were not a sustainable solution for the global problem of excess steel capacity. Only a solution based on multilateral or plurilateral cooperation would work.

  • Countries, including India, noted the U.K. was imposing safeguard measures since it was a member of the EU and continued to do so even after Brexit, despite having failed to carry out an investigation justifying the measures in line with WTO rules

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Steel imports UPSC NOTE
Steel imports UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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