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Members approve EC’s definitive steel safeguards

Steel News - Published on Thu, 17 Jan 2019

Image Source: EU
The European Member States have backed the European Commission's plan to impose definitive safeguard measures on imports of steel. The Commission will now finalize the procedure so that the definitive measures can be implemented at the beginning of February 2019. The European Member of States made no changes to the previous provisional measures sent to the World Trade Organization. EC said "These measures are intended to shield European steel producers following the trade diversion of steel into the EU market from other producers around the world as a result of the unilateral US measures restricting imports of steel to the American market. The definitive measures aim to preserve traditional trade flows."

Provisional safeguard measures have been in place since July 2018 and will remain until February 4, 2019. The new measures will then be implemented and remain in place until July 2021.

The proposal is to impose country-specific quotas for the biggest sources of imports, along with quarterly global quotas for each product for all other countries. The exception is for hot-rolled coil, which received a quarterly global quota. When a country with significant supplying interest has exhausted its specific tariff-rate quota, it would be allowed to have access to the quarterly global tariff-rate quota for the specific steel product, which would apply to all other countries.

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Posted By : Ratan Singh on Thu, 17 Jan 2019
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