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Govt monitoring steel exports at lower duties
New Delhi: Ministries of Mines, Steel and Department for Promotion of Industry and Internal Trade (DPIIT) will set up an internal mechanism to monitor...
New Delhi: Ministries of Mines, Steel and Department for Promotion of Industry and Internal Trade (DPIIT) will set up an internal mechanism to monitor the export of steel and aluminium products at concessional duties to the US, an official said.
Indian exports of these products were earlier attracting additional duties in the US, as Washington, in 2018, imposed a 25 per cent import duty on steel products and 10 per cent on certain aluminium products on grounds of national security.
In retaliation, India in June 2019, imposed additional customs duties on 28 American products.
The US is now allowing these imports from India without paying the extra 25 per cent and 10 per cent duties in return for New Delhi’s decision to remove retaliatory duties on eight American products like apple and walnut.
The official also said that the two countries have agreed to set up a joint monitoring mechanism to enable domestic exports to America of at least 3.36 lakh tonnes of certain steel and aluminium products in a year without paying extra duties.
