India objects draft agreement regarding steel subsidies

India objects draft agreement regarding steel subsidies

In the meeting held on May 7, 2004, delegations from Organization for Economic Cooperation and Development (OECD) and representatives from steel industry of India discussed the draft agreement with respect to ban on steel subsidies. Indian representatives stated that the draft agreement is against the interests of Indian steel industry, thus it has to be altered before ratified. Claim of India stems from its wish to be treated as a developing country. It claims, at least it should be treated differently from the developed countries. Moreover, Indian officials stated that subsidies with respect to upstream and downstream industries should be clarified. As previously reported by SteelOrbis, India plans to form a group with China and Brazil for negotiations on steel subsidy ban agreement.