India expects US to adjust duties as per WTO ruling

India expects US to adjust duties as per WTO ruling

Following the US Department of Commerce, implementing anti-dumping and countervailing duties on imports of cut to length carbon steel plate from India, more than a year ago, based on the argument that such imports are determined to be sold at less than fair value in the US domestic market, negotiations with the US officials in order to reach a mutual agreement were held by India. However these negotiations remained without a settlement. The duties implemented by the US DOC at that at were 72.49% for anti-dumping, and 12.8% for countervailing measures Having failed to attain a constructive resolution through negotiations with the US, India consulted the WTO Dispute Settlement Body for a panel ruling for a settlement. The WTO anti-dumping practices agreement serves for regulating the anti-dumping actions of the member countries against their trading partners. The WTO panel ruled in favour of India and has allowed the US three month period of time to make necessary adjustments in order to make its order compatible with the WTO regulations. Reports from the industry now reveal that India has given the US time until 31 January 2003 in this respect and bring down the previously implemented AD and CVD duty rates on cut to length plate.