UK To Scrap Measures To Curb Subsidies For Indian Stainless Steel Rods

2023-12-19
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According to recent international stainless steel news, the British government has agreed to the TRA's proposal to remove anti-subsidy measures for stainless st

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According to recent international stainless steel news, the British government has agreed to the TRA's proposal to remove anti-subsidy measures for stainless steel bars imported from India. Countervailing measures are being introduced to offset imports of stainless steel bars that are sold at unfair prices due to government subsidies in the country of origin. The Bureau of Trade Relations found that although subsidized imports will continue if the countervailing measure is greater will not be in place, it is unlikely that UK industry will be affected if this measure is no longer in place. The British Metal and Steel Trade Association said: “British manufacturers supply very little stainless steel rods and rods to the UK market steel, so the risk of injury from reversing the measure is very low.” In 2022, India will become the UK's third largest supplier of stainless steel bars by tonnage. The measure means importers will have to pay duties ranging from 0% to 4%. However, a Trade Relations Office investigation found that neither domestic and international market conditions nor historical damage data suggested that UK manufacturers would be harmed if the measure was repealed. Thus, although the Trade Committee Relations concluded that UK manufacturers would not be harmed by the removal of this measure and would help ensure the continued import of competitively priced stainless steel bars from India. Stainless steel bars and rods are used in a variety of industries , including the automotive, aerospace and food industries. Stainless steel rods and rods are used both as specialty components for larger products, such as drive shafts, and can be further processed into other stainless steel products, such as precision parts. This is an overview transition in June 2022, initiated by the Trade Protection Authority (TRA). The investigation period to verify the transition is from April 1, 2021 to March 31, 2022, and the harm period is from April 1, 2018 to March 31, 2022. Compensatory measures are introduced to compensate imports of stainless steel bars, which are sold at unfair prices due to government subsidies in the country of origin. They are one of three trade remedies allowed under World Trade Organization (WTO) rules. The Trade Law Enforcement Agency (TRA) is an independent UK agency established in June 2021 to investigate the need for trade remedies. legal trade protection to combat unfair import practices and unexpected import growth.

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