India and the United States have reached an agreement to establish a collaborative monitoring mechanism that facilitates the export of a minimum of 336,000 metric tons of steel and aluminium products from India annually, free from additional duties.
In a reciprocal move, as part of this arrangement allowing a specified volume of steel exports from India to the US exempt from the 25 percent additional duty, India will eliminate retaliatory measures imposed on certain US imports.
Peeyush Kumar, the additional secretary of the commerce department, stated, “We will hold biennial meetings and have asked the steel and mines ministries to designate a representative who will engage with stakeholders and exporters to ensure the smooth processing of applications.”
Officials will convene twice a year to assess the progress of this agreement. In case any challenges arise, the matter will be communicated to the commerce department and addressed during joint monitoring mechanism meetings with the United States.
