Wire rope maker Usha Martin Ltd expects to successfully convince the European Union (EU) authorities to remove anti-dumping duties on Indian exports imposed in 2005. A final review of the case is expected in the last quarter of the current financial year.
“We expect a final review of the imposition of the anti-dumping duty by the European Union by the beginning of 2008. A verdict is likely to be announced within three-four months following the review,” a senior official of Usha Martin said.
The imposition of the duty, for the second time since 1999, has severely hurt the wire rope maker, now considered to be one of the largest in the world.
“Close to 10% of our total exports have been hurt after duties to the extent of 23.4% were imposed on wire ropes,” the official said on the sidelines of a stakeholders’ consultation on the India-EU Free Trade Agreement organised by the commerce ministry and the FICCI in Kolkata on Wednesday.
Apart from putting penal duties on wire ropes from India, the EU has made Usha Martin accept a price undertaking.
“The price undertaking essentially means that our company will be allowed to sell the products at prices conforming to a pre-fixed band,” the official explained.
In August 1999, the EU imposed an anti-dumping duty on imports of steel ropes and cables from India. In November 2005, following an expiry review, it decided to maintain the anti-dumping measures.
Meanwhile, RS Ratna, director in the commerce ministy, while addressing the meet, said: “Industry will need to provide detailed feedback on products of its concern so that the interest of Indian business is not compromised during the India-EU FTA negotiations.”
The consultation workshop gave West Bengal’s trade and industry an opportunity to articulate their interests and concerns on the ongoing FTA negotiations between India and the 27-member European Union.