This adversely dents the growth prospects of a developing country like India whose production and consumption is inward-looking. He further said that despite being the third largest producer of steel in world, with 12 per cent share of global non-Chinese production, India has only a 2.7 per cent share in US imports. "A total of 16 trade remedies are already in place in the US against Indian steel companies, which include 10 anti-dumping duties and 6 countervailing duties. This includes a variety of steel products such as corrosion-resistant steel, cold-rolled steel flat products, certain hot-rolled carbon steel flat products...," he said. It is understandable that steel is an important material used for manufacturing military's combat vehicles, a country would like protect its industry from the threat to national security, Chatterjee said. "However, Indian steel companies exporting to the US have always done so legitimately in line with global trade regulations and WTO framework. It is for a reason that in December 2016, the US bestowed the privileged status of 'Major Defence Partner' on India, which is a position unique to India," he added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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