India has proposed a 15 percent additional customs duty on imports of 22 products from the UK as retaliation for the latter’s decision to impose restrictions on imports of steel products from India, Indian government sources said on Thursday, citing an official communication to the WTO.
In its communication to the WTO, the Indian government pointed out that the UK’s imposition of import restrictions on steel products from India has resulted in the loss of 219,000 mt of steel exports, on which duty collection by the UK will be $247.7 million.
According to the Indian government, the proposed additional customs duty on 22 products imported from the UK will yield the government an equivalent amount.
The levy of the additional customs duty will continue while the UK’s restriction on imports of steel products from India continues.
The UK government recently imposed tariff-rate quotas on 15 steel products from India, with an ‘out of quota’ import duty of 25 percent.
