The UK Trade panel Remedies Authority (TRA) has recommended that a countervailing measure on imports of stainless-steel bars and rods from India be lifted based on its preliminary findings.
In order to compensate for imports being sold at unjust rates as a result of government subsidies in their nation of origin, countervailing measures are put in place. Revocation of the policy would not likely harm the UK industry, according to the Statements of Essential Facts (SEF) released by the TRA on Tuesday.
“This was decided after the TRA discovered data that suggests UK trade panel firms export the majority of their output and only offer a small proportion of these bars and rods to the UK trade panel market. As a result, the TRA determined that there was little chance of harm from the measure’s withdrawal “It adds.
There will be a 33-day window after the release of the TRA interim conclusions for interested parties to comment on the document. The Secretary of State for International Trade, Kemi Badenoch, will ultimately decide whether to accept the TRA’s suggestion once the TRA has given it careful consideration and produced a final recommendation.
The Department for International Trade (DIT) created the TRA last year as a non-departmental public agency to examine whether trade remedy measures are required to address unfair import practices and unanticipated import surges. One of the three categories of trade remedies permitted by World Trade Organization (WTO) regulations is countervailing measures.
In reaction to Britain’s decision to place limits on its steel goods, India had earlier this year hinted that it would apply extra customs tariffs on the import of specific items from the UK.