Steel must be Kept Out of FTA with Japan, Korea: Min
Worried over growing imports from Japan and Korea with whom India has free trade pacts, the steel ministry has suggested shipments from these nations be brought under negative list to safeguard the interest of local firms. “Under economic agreements between India and Japan/ Korea, there are significant imports from these countries due to progressively reducing import duty toward zero duty regime. Steel products should come under the negative list to protect domestic industry,” the steel ministry has said in a presentation to the Cabinet secretary. India had signed an FTA with Korea in 2009 and with Japan in 2011.