© Provided by The Financial
Express
With bilateral
consultations with the European Union (EU) earlier this month failing to break
the logjam over extension of safeguard duties on its steel exports, India has
“reserved the right” to retaliate in equal measure by imposing extra duties on
imports from the 27-member bloc, a senior official said.
Under
the TRQ mechanism every country is issued a quota for export of 26 steel
products to the EU. This quota was fixed at 105% of the average imports between
2015 and 2017 from that country. Any exports beyond this quota attract extra
25% duty. India
is one of the countries affected by this measure as it has a substantial
interest in steel exports to the EU. Last financial year India’s exports to the
EU of iron and steel and their products was $ 6.64 billion up from $ 6.1 billion
in 2022-23.