UK’s trade panel proposes lifting bar on Indian stainless steel

In its initial findings, the UK’s Trade Remedies Authority (TRA) has proposed that a countervailing measure on imports of stainless steel bars and rods from India be revoked.

Countervailing measures are put in place to offset imports being sold at unfair prices due to government subsidies in their country of origin. The TRA set out in its Statements of Essential Facts (SEF) on Tuesday that revoking the measure would be unlikely to cause injury to the UK industry.

“As part of its transition review, the TRA found that while there have been subsidised imports of the goods while the measure has been in place, and this will likely continue, injury to UK industry would be unlikely to recur if the measure was no longer applied,” a UK government statement notes.

“This was determined after the TRA found evidence suggesting that UK producers supply only limited amounts of these bars and rods to the UK market, with the majority of their production being exported. Therefore, the TRA found there to be a low risk of injury resulting from the removal of the measure,” it adds.

Following the publication of the TRA interim findings, there will be a 33-day period in which interested parties can comment on the report. The TRA will then consider and produce a final recommendation, which will be sent to the Secretary of State for International Trade, Kemi Badenoch, who will make the final decision on whether to uphold the TRA’s recommendation.

The TRA is an independent body established last year as a non-departmental public body of the Department for International Trade (DIT) to investigate whether trade remedy measures are needed to counter unfair import practices and unforeseen surges of imports. Countervailing measures are one of three types of trade remedies that are allowed under World Trade Organisation (WTO) rules.

Earlier this year, India had indicated the prospect of additional customs duties on the import of some products from the UK in response to Britain’s decision to impose restrictions on its steel products.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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