Quota on Russian steel exports to US to be removed

Quota on Russian steel exports to US to be removed

According to the statement released by Russian Economic Development and Trade Ministry, Russian steel producers will be able to start quota-free exports to US as of July. Russia and the US signed a five-year trade agreement on July 12, 1999. According to the agreement, with the expiration of the agreement, quota for Russian exports will be lifted. The agreement restricted exports of certain Russian steel products to US in return for the suspension of the anti-dumping proceeding against hot rolled steel products imported from Russia. Following the expiration of the agreement, Russian exports are expected to increase in significant amounts in 2004 however Russian steel producers fear US may implement other measures to limit exports with the purpose of protecting its industry.