Author: Paul Ploumis
19 Jan 2015 Last updated at 07:21:32 GMT
NEW DELHI (Scrap Monster): The association, also accused that. Some of the domestic firms in the country, in collision with the foreign companies, are breaking the rules of origin in order to claim undue preferential tariff benefits, which are under the Comprehensive Economic Co-operation Agreement between India and Malaysia and also the India-Asean Free Trade Agreement. The ISSDA, has therefore urged the government to strictly watch out for the stainless steel exports from Asean countries.
When the basic customs duty on the stainless steel flat products in India, has hiked by 7.5 percent, the imports of such stainless steel products from Malaysia attracted almost 0 duty as a result of the tariff concession which was offered by the government o0f the country under the CECA.
NC Mathur, the President of ISSDA, stated that, the fundamental premise for demanding such benefits is that, the exported item must have undergone at least 35 percent of value addition in the country of export. Anyways, there are few stainless steel hot rolling facility in the country, which also includes Malaysia. Hence, the input in the case of hot rolled coils, which are required for hot rolling, imports from many countries outside the regions like Asean region like in China, and also South Africa