India on Monday sought consultations with the European Union (EU) under the World Trade Organization’s (WTO) safeguard agreement over the bloc’s decision to impose safeguarding measures on imports of certain ferroalloys.
The measures, which come into effect immediately, consist of country-specific tariff-rate quotas per type of ferroalloy, limiting the volume of imports allowed to enter the EU duty-free and tariff increase for imports exceeding the quota volumes.
Claiming “a substantial trade interest in the export of products concerned”, New Delhi has proposed virtual consultations between December 16-19 or on a mutually convenient date or time.
The move comes amid India and the EU negotiating a free trade agreement (FTA) and are narrowing down their differences to reach a deal. Fourteen rounds of talks have taken place between India and the EU on the FTA.