India Proposes Retaliatory Customs Duties on EU Imports

India has proposed the imposition of retaliatory customs duties on certain goods imported from the EU. This move follows the EU's extension of safeguard measures on steel products, causing significant trade loss for India. India's proposal aims to suspend concessions, increasing tariffs on selected EU-originating products.

India has proposed the imposition of retaliatory customs duties on specific goods imported from the European Union (EU). This decision comes as a response to the EU's extension of safeguard measures on certain steel products, which has resulted in considerable trade losses for India.

In a communication to the World Trade Organisation (WTO), India announced that it plans to increase tariffs on selected products from the EU. The safeguard measures imposed by the EU from 2018 to 2023 have led to a cumulative trade loss of USD 4.412 billion for India, with potential duty collections amounting to USD 1.103 billion.

To balance the trade impact, India has reserved the right to suspend concessions and adjust tariffs immediately. The EU extended its safeguard duties on steel product imports until 2026, impacting India's substantial steel exports to the region. Bilateral consultations have not yielded consensus, prompting India to seek action under WTO norms.

(With inputs from agencies.)