India has initiated a review of the Asean-India Free Trade Agreement (AIFTA), specifically the Assean Assets Commerce Agreement (Aitiga), with an focus on addressing the Conerns on Steel Imports of Powerful Investment. Those.
This review is promoted by India’s concerns about commercial imbalances, the writing of Chinese products through the countries of the ASEAN to exploit tax concessions and the impact on national industries, including steel.
“The revision of the FTA is a process in -y -on,” confirmed Steel Secretary Sandep Poundrik outside an interaction in the Ministry. He said that suggestions have already provided on the legs.
The revision mainly seeks to determine if China is enclosing its excess of stocks through the thesis of the ASEAN nations. Or if the export offers of these nations follow the “melted and discharged” standards, that is, “melted and spilled” as “the original location”. This real medium, where raw steel is produced for the first time in a steel oven in liquid state; And then poured into its first solid form. The first solid state can take the form of a semi-flushed product (bib, packs or bullion) or a finished steel product.
“There are ways to verify if some of the problems related to the rules of origin are followed; and the white Chinese offers are being entrusted. Some of these problems are being tasks,” said an official requesting anonymity.
A common complaint that had previously made a leg made by the industry was that China enrupted excess stocks through Vietnam, with which India had trade agreements. This has caused anti -dumping investigations in metal offers that arrive in India from the Nation of Asean.
Recommendations on two anti -dumping probes against China and Vietnam are expected, the sources said.
Fair
In fiscal year 2015, India, a net of imports with imports was at a height of 10 years or 9.5 million tons (MT); While exports were submerged to multiple years or 5.0 TM. The commercial deficit in terms of volume was 4.5 TM, the highest in recent terms.
In terms of specific imports of the country, Shipments of Korea, the highest in 2.8 TM, followed by China – 2.5 mt and Japan – 2.0 Mt, the last numbers numbers with the Ministry of Steel Show.
ASEAN COMMERCIAL
The sources said India is looking for a review in the Aitiga country to contain its growing commercial deficit with the 10 nations block.
ASEAN is one of the main commercial or Indian partners with an action or 11 percent in the global trade in India. In 2023-24, the bilateral trade between India and the ASEAN reached $ 122.67 billion with exports at $ 41.2 billion, while imports were at a door of $ 80 billion in the same period.
Safeguard tax
By the way, India, on April 21, slapped a 12 percent safeguarding tariff – temporary rate – for 200 days in selected imports of flat steel from China and Vietnam. Imports from other developing countries have been left out of government notification.
“The final recommendations of the DGTR (General Directorate of Commercial Remedies) are expected in August or September,” said a senior official of the Ministry of Steel.
Crisil’s grades in a recent report with service intervention and relatively favorable input costs, Ebitda by ton of national primary steel manufacturers will recover in ₹ 1,000-1,300 per ton this fiscal year. “This will relieve pressure on debt metrics, since the sector leverage had increased the last fiscal year to finance the capital spending Sizexa that has spending (CAPEX).
Posted on April 22, 2025