India Extends Time For US To Roll Back Steel Dumping Duty

New Delhi, January 24: | Updated: Jan 25 2003, 05:30am hrs
New Delhi has given Washington time till the month-end to enable it to comply with a World Trade Organisation (WTO) panel ruling and roll back the 72.49 per cent dumping duty and the 12.8 per cent countervailing duty imposed on Indian cut-to-length carbon quality steel plate. The ruling had gone in Indias favour and Washington was earlier given a reasonable period of three months under WTO rules to implement it, say commerce ministry officials.

The duties were levied by the United States commerce department more than a year ago on grounds that the steel item had been exported by India below the normal value at which they were sold in the domestic market.

Earlier, New Delhi had consultations with Washington on the issue so as to arrive at a mutually acceptable solution. After the consultations failed, New Delhi approached the WTO dispute settlement body which set up a panel to sort out the matter.

India recently imposed anti-dumping duties ranging from $0.60-0.82 per kg on imports of cold rolled flat stainless steel products from the US on grounds of material injury to the domestic industry. This was for the first time these duties were levied on a steel product of this type originating from North America.

The WTO agreement on anti-dumping practices regulates anti-dumping action of member countries against their trading partners. Anti-dumping investigations are basically targeted at discriminatory pricing practices by individual business enterprises.