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India-US pact facilitates concessional rates for metal exports
The Business Guardian
|September 13, 2023
India and the US have agreed to set up a joint monitoring mechanism to enable domestic exports of at least 3.36 lakh tonnes of certain steel and aluminium products in a year to America without paying extra duties, an official said on Tuesday.
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Indian exports of these products were 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 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.
Additional Secretary of the Commerce Ministry Peeyush Kumar said that officials will meet twice a year to review the arrangements.
This story is from the September 13, 2023 edition of The Business Guardian.
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