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Don't include stainless steel flat products in RCEP-The 20th China(Guangzhou)Int'l Stainless Steel Industry Exhibition
11/14/2018 不锈钢展-不锈钢展会-效果最好的不锈钢展会- Stainless Steel Exhibition |
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ET reported that Jindal Stainless Limited has come out strongly against inclusion of stainless steel flat products in the Regional Comprehensive Economic Partnership (RCEP), a proposed free trade agreement (FTA) between 10 ASEAN countries and six Asia pacific states with which ASEAN has existing FTAs, since it is expected to pave the way for Chinese imports through zero duty access. Citing it as a grave concern for domestic stainless steel industry, JSL MD Mr Abhyuday Jindal said “As India’s largest stainless steel producer and the leading voice in the stainless industry, we strongly oppose inclusion of stainless steel flat products (HS code 7219 & 7220) in the RCEP agreement. The move will open flood gates of Chinese imports into India through zero duty access. Inclusion of stainless steel products in RCEP will result in a huge surge in imports from China. This may result in immediate shut down of small scale units and also impact the organised sector.”
JSL said “Investments worth nearly INR 35,000 crore made by domestic industry in capacity building would be in jeopardy. The government must review its stand on including stainless steel products in RCEP and also consider the protectionist stance being opted by nations worldwide which in turn poses a threat for the Indian industry because of diversion of trade flows.”
The company has issued this statement coinciding with the Inter-Ministerial Meet being held in Singapore on November 12-13, 2018, reportedly for drawing ‘substantial conclusions’ to the RCEP agreement between 16 countries, including China.
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