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Indian Steel Industry Relieved - ISA

Steel News - Published on Fri, 08 Nov 2019

Image Source: steelguru.com
The steel industry has heaved a sigh of relief after Prime Minister Modi decided against joining the Regional Comprehensive Economic Partnership, a Chinese-backed free trade agreement among 15 nations that would have made the largest trade bloc in the world. Speaking to Mint, Mr Bhaskar Chatterjee, Secretary General and Executive Head Indian Steel Association, said that “The PM’s RCEP announcement has come as a great relief for steel industry in particular and many other industries in general. As far back as June, representatives of the steel industry met with the Ministries of Commerce and Steel and with the Indian Steel Association. These interactions between the government and industry were going on actively. We had asked the government that if signing the RCEP was inevitable, then steel items should be kept out of the agreement."

India runs a large trade deficit with RCEP countries and was looking for protection for its domestic industry and farmers, especially against an influx of Chinese imports. India has also been worried about possible circumvention of rules of origin of imports, restrictions on movement of labour between member-nations and no credible assurances on non-tariff barriers.

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Posted By : Rabi Wangkhem on Fri, 08 Nov 2019
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