Is the UK proposes removing the restrictions on stainless steel from India?
A proposal has been put forward by the UK Trade Representative to revoke countervailing measures on rods and bars stainless steel from India.
A countervailing measure on imports of stainless steel bars and rods from India has been revoked in its initial findings by the UK’s Trade Remedies Authority (TRA) today (20 December 2022). In countries where government subsidies are prevalent, countervailing measures are implemented to offset unfair prices for imports.
Revocation of the measure is unlikely to cause injury to the UK industry, according to the Statements of Essential Facts (SEF).
In addition to automotive, aerospace, and food processing industries, the measure covers stainless steel bars and rods. In addition to being used as specific components in larger products, such as propeller shafts, they can also be modified into other Stainless Steel from India-steel products, such as precision components.
Findings of the investigation
In its transition review, the TRA concluded that injury to UK industry would be unlikely to recur if the subsidised imports of the goods ceased once the measure was ended.
As a result of finding evidence that UK producers only export the majority of their production, the TRA determined that UK producers supply very limited quantities of these bars and rods to the UK market. As a result, the TRA determined that removing the measure posed a low risk of injury.
After today’s publication, interested parties will have 33 days to comment on the report. On the Trade Remedies Service website, you can submit comments to the TRA.
A Final Recommendation will be produced by the TRA, which will be forwarded to the Secretary of State for International Trade, who will make the final decision.
- This transition review was initiated by the Trade Remedies Authority (TRA) in June 2022.
- Transition review investigations took place from 1 April 2021 – 31 March 2022, while injury investigations took place from 1 April 2018 – 31 March 2022.
- 0% – 4% of the duties are recommended for revocation.
- To offset unfair import prices caused by government subsidies in their country of origin, countervailing measures are implemented. Under World Trade Organisation (WTO) rules, they are one of three types of trade remedies.
- As the first non-departmental public agency of the Department for International Trade, the Trade Remedies Authority (TRA) was established in June 2021 to investigate whether trade remedy measures are necessary to counter unfair import practices and unforeseen surges of imports. Original News Resource