The Ministries of Mines, Steel, and the Department for Promotion of Industry and Internal Trade (DPIIT) have planned to set up an internal monitoring mechanism to ensure additional tariff-free aluminium and steel product exports to the United States.
Earlier, Indian export of aluminium and steel products to the US would attract extra duties after Washington imposed a 10 per cent additional tariff on aluminium and a 25 per cent additional duty on steel. India also levied extra customs duties on 28 American products as a retaliatory move.
However, the United States currently allows aluminium and steel imports from India free of additional duties. In return, India has removed import duties on 8 American products, including apples and walnuts.
According to the report, both India and the United States have agreed to establish a joint monitoring mechanism to allow Indian exports of at least 3.36 lakh tonnes of certain aluminium and steel products in a year without additional tariffs.
The report also states that the US Commerce Department has drafted the terms of reference for the joint monitoring mechanism. Once the mechanism is implemented, the officials will review it twice a year to determine if Indian exporters face any issues with the arrangement.
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