Steel must be Kept Out of FTA with Ja­pan, Korea: Min

The Economic Times - - Economy -

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.

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