The World Trade Organization (WTO) has announced that Russia has also notified the WTO’s dispute settlement body that it requests dispute consultations with the Indian government regarding the application of safeguard measures on imports of hot rolled flat products of non-alloy and other alloy steel in coils of a width of 600 mm or more and the minimum import price system on certain iron and steel products. The products subject to the measures at issue are also exported from Russia to India.
In 2015, the value of Russian exports of the relevant products exceeded $181 million. Following India's application of the measures at issue, the value of Russian exports of the relevant products to India decreased by almost 38 percent in 2016 to $113 million.
Japan and Taiwan have lately filed a request for consultations with the Indian government regarding trade measures on certain steel products, alleging that the Indian measures are inconsistent with a number of procedural and substantive provisions of the WTO.