India and the US have agreed to set up a joint monitoring mechanism that would enable exports of a minimum of 336,000 mt of steel and aluminium products from India per year without a levy of additional duty, an Indian government official said on Wednesday, September 13.
The official said that, as the reciprocal basis of allowing the specified volume of steel exports from India to the US exempted from the 25 percent additional levy, India would remove retaliatory measures on imports of certain products from the US like apples, almonds, walnuts, and lentils.
“We will have a biennial meeting. We have requested the steel and mines ministries to designate an officer from their side who will be talking to stakeholders and exporters to ensure them that applications are being properly processed,” Peeyush Kumar, additional secretary of the commerce department, said.
Officials will meet twice a year to review the arrangements, he said, adding that, in the case of any challenges, the matter would be conveyed to the commerce department and would be taken up with the US during the meetings of the joint monitoring mechanism.