India, seven countries criticise EU safeguard move on steel imports
India and China, along with six other countries, have criticised the European Union’s decision to initiate a safeguard investigation on imports of certain steel products, saying it adds to the problem of growing protectionism worldwide.
Safeguard measures — a procedure compliant with the World Trade Organisation (WTO) rules — are put in place to protect a specific industry from an unexpected build-up of imports.
The EU, while initiating the move on March 26, however, failed to cite a “sharp and significant increase in the targeted products” and resultant “injury to domestic producers” to justify the launch of an investigation, these countries argued at a meeting in WTO last week. Korea, Turkey, Argentina, Egypt, Vietnam and Chile are the other countries that disapproved the EU’s move.