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Steel News November 25, 2014 07:21:26 AM

The Indian Steel Ministry to invocates to include steel in the negative list for RCEP

Paul Ploumis
ScrapMonster Author
Keeping in mind that the Indian domestic steel market will be highly affected by the dumping of cheap steel from China, South Korea and Japan, the Steel Ministry of India, on participating in the Regional Comprehensive Economic Partnership, a trade bloc combining sixteen countries, has requested to its its commercial peers to keep steel in the negative of items which are being considered in the multilateral agreement.

The Indian Steel Ministry to invocates to include steel in the negative list for RCEP

NEW DELHI (Scrap Monster): According to the scheduled, the negotiations on the RCEP (Regional Comprehensive Economic Partnership) will take place on the first week of December. The bloc of 16 countries comprises the 10 ASEAN countries, which are listed out as Cambodia, Indonesia, Brunei, Malaysia,  the Philippines, Thailand, Myanmar, Vietnam and the Singapore, and also the other six countries with which these countries have the free trade agreement, which are India, Japan, Australia, New Zealand, Korea and China.

After India signed the  deal over the Comprehensive Economic Partnership Agreement, the country has been facing an increase in the import of steel from Korea, and also Japan, both in the years 2011 and 2010. According to the import records, the steel imports from these countries to India was 23 percent before signing the CEPA, but after  the deal, the imports of the year 2013-2014 has been increased 53 percent.

In addition to that, the imports to India from the largest steel producer in the world, China, has doubled its steel imports in India to 1.34 million compared to the imports from the country a year ago. In the year 2013-2014 alone India has imported 5.35 million tonnes of  steel. The steel Ministry of  India has stated if the import duty of china is further decreased the cheap steel from China will flow into the country and  will create a major set back for the domestic steel producers in the country

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