New Delhi, Jan 3 (KNN) US has agreed on the terms for joint monitoring of the India’s steel and aluminium exports to the world’s largest economy, without being subjected to additional duties.

Following the state visit of Prime Minister Narendra Modi to Washington in June 2023, both sides have decided to conclude all pending bilateral trade disputes at the World Trade Organization.

A senior official mentioned on Tuesday that the US has expressed its agreement with the proposed text, reported FE.

The Department of Commerce in India has completed the terms of references for the joint monitoring mechanism, allowing the export of specific steel and aluminium products to the US without incurring additional duties.

The United States has granted permission for the import of 336,000 tonnes of steel and aluminium from India, waiving the additional duties imposed under a national security law by the Trump administration in 2018.

The newly established mechanism aims to facilitate a seamless progression of steel and aluminium exports.

It is set to convene every six months, focusing on resolving any disputes that may arise.

Internally, the government has established an inter-ministerial mechanism to oversee the entry of Indian steel and aluminium exports into the US without incurring additional duties.

This internal mechanism includes the Departments of Mines, Steel, and the Department for Promotion of Industry and Internal Trade (DPIIT).

Any issues or bottlenecks faced by Indian exporters will be reported to the Commerce Ministry and addressed in meetings with the US under the joint monitoring mechanism.

The duties, amounting to 25 per cent and 10 per cent for specific steel and aluminium products, respectively, were also levied on several other countries, such as China, Russia, Norway, Turkey, and Switzerland.

(KNN Bureau)