India and the US have agreed on terms and conditions for setting up a joint mechanism to monitor Indian steel and aluminium exports to the US, Indian government officials said on Wednesday, January 3.
Under the agreement, the joint mechanism will monitor exports of iron and steel and aluminium products without the levy of the extra duty imposed by the US administration in 2018.
The US administration has now allowed imports of 336,000 mt of steel and aluminium into the country without attracting the 10-25 percent duty on certain specific products.
The new mechanism will help ensure that exports of steel and aluminium progress smoothly. It will meet every six months to resolve any disputes that may arise and to ensure that the mechanism is functioning smoothly, government sources said.
Meanwhile, an internal inter-ministerial committee of the Indian government, comprising representatives from the ministries of commerce, mines and steel and from the department of industrial promotion and internal trade (DPIIT) will also monitor the exports to US, and will provide necessary assistance to exporters in the case of any bottlenecks in export shipments, the sources said.