India must re-evaluate FTAs with Japan, Korea: Prashant Ruia

Posted by Daily Shipping Times on 20-02-2017        Tweet

NEW DELHI: Essar Group said that India needs to re-evaluate free-trade agreements with many countries, including Japan and Korea that are hurting domestic steel manufacturers by allowing duty-free imports.

"It will be in interest of the industry to re-evaluate the free-trade agreements we have with Japan, Korea and Thailand that are permitting duty free imports and are hurting the domestic steel producers," Essar Group Director Prashant Ruia said while addressing a conference.

He further said that imposition of safeguard duties and the anti-dumping measures has given a lifeline to steel sector which was struggling due to onslaught of unfair dumping.

"We are thankful to the Government for timely support in reviving the sector. The imposition of safeguard duties and the anti-dumping measures are all steps in the right direction taken in a timely manner," Ruia said.

Following Indian footsteps, he said, many other nations like the US, and Europe have also taken similar steps to protect their domestic steel industry.