Govt clarifies on impact of Bilateral Trade Agreements

Posted by Daily Shipping Times on 04-01-2019        Tweet

NEW DELHI: Some industry associations including those relating to steel have expressed concerns on imports under bilateral free trade agreements with Japan, Korea and ASEAN. However, steel imports from these countries include high grade steel, which are not manufactured domestically.

The volume of trade, including both exports and imports with these countries has increased since the signing of the bilateral trade agreements. Notwithstanding a slight increase in trade deficit, the domestic industry has benefited from the trade agreements due to cheaper import of raw materials and intermediates from these Countries for stimulating value added domestic manufacturing. The trade agreements have adequate trade remedial provisions for dealing with certain surges in imports that might threaten domestic industry.

This information was given by the Minister of State of Commerce and Industry, C. R. Chaudhary, in the Lok Sabha.