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Inclusion of Steel in RCEP Worrying Indian Steel Mills

Steel News - Published on Thu, 19 Sep 2019

Image Source: Business Today
Economic Times reported that Indian steel industry captains have called on the government to exercise caution while finalizing the multilateral trade agreement India’s Regional Comprehensive Economic Partnership. Mr Seshagiri Rao joint MD of JSW Steel told ET “Our plea is that even if RCEP negotiations are finalized, Indian steel industry which has suffered in the past even under the current FTA arrangements with 13 countries, should be excluded from its purview.”

Mr TV Narendran MD of Tata Steel added “We sincerely hope the proposed review of India-ASEAN FTA would help in addressing the growing asymmetry in bilateral trade in goods between the two regions, ensure less violation of Rules of Origin and enable better utilization of the FTA by the Indian Industry.”

Mr Deependra Kashiva ED of Sponge Iron Manufacturers Association, said "Even if the steel industry is included within the RCEP's purview: it should come with certain safeguard mechanisms, a flashpoint that could check which countries are exceeding safe limits that do not threaten the domestic industry.”

However, a report by ICICI Securities said “The fear of imports from China is relatively unfounded and, if witnessed, can be better addressed by staying within the RCEP framework vis-a-vis staying out.”

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Posted By : Ratan Singh on Thu, 19 Sep 2019
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