INDIA LOSES ROW OVER SAFEGUARD DUTY ON HOTROLLED STEEL AT WTO
GENEVA: India lost a major trade dispute at the World Trade Organization (WTO) on Tuesday, after a dispute settlement panel largely upheld Japan’s complaint that New Delhi’s imposition of safeguard duty on imports of hot-rolled steel flat products during September 2015 and March 2018 violated core global trade rules. A three-member panel ruled that the safeguard duties imposed by India at different periods during 2015 and 2018 are inconsistent with core provisions of the WTO’S Safeguards Agreement. Though WTO members are entitled to impose safeguard duties to curb unforeseen surges in imports that cause material injury to their domestic industries, they must demonstrate with hard evidence that it is a sustained spike in imports causing injury to its industry.