Stainless steel body wants government to monitor exports-FangLing Tube-Making

Stainless steel body wants government to monitor exports

2015/1/20 view:

KOLKATA: The Indian Stainless Steel Development Association (ISSDA) has urged the government to withdraw preferential tariffs on imports of cold rolled stainless steel from Association of Southeast Asian Nation (Asean) countries and suggested this should be subjected to customs duty of 7.5%, similar to that for flat products.

The lobby group alleged that some domestic firms, in collusion with foreign ones, are tweaking rules of origin to claim undue preferential tariff benefits under the Comprehensive Economic Co-operation Agreement (CECA) between India and Malaysia and India-Asean Free Trade Agreement (FTA). ISSDA has therefore urged the government to strictly monitor stainless steel exports from Asean countries.

While the basic customs duty on stainless steel flat products in India is pegged at 7.5%, imports of such products from Malaysia attract zero duty due to tariff concessions offered by the government of India under CECA.

In particular, the association urged the government to examine how Malaysia's Bahru Stainless, a subsidiary of Acerinox of Spain, which imports hot rolled coils from group companies like Columbus of South Africa and its parent Acerinox, in Spain and China, received a preferential certificate of origin from Malaysia authorities by claiming 35% value addition even though the company is only undertaking limited cold rolling operations. ISSDA said it is an abuse of the provisions related to rules of origin under the FTA.

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