New Delhi: Union Minister for Steel Dharmendra Pradhan said today that in view of huge steel capacity available with China, the Indian Steel sector could have faced threat from cheap Chinese steel imports. Under the Regional Comprehensive Economic Partnership (RCEP), such imports would have got the advantage of preferential tariff and harmed the Indian Steel Industry.
The Government’s decision not to join RCEP has been welcomed by the domestic steel industry.
During the 3rd RCEP summit, which was held on 4 November 2019, in Bangkok, India highlighted the fact that the current structure of RCEP did not fully reflect the RCEP Guiding Principles or address the outstanding issues and concerns of India, in light of which India did not join the consensus.
The Act East Policy is the bedrock of India’s economic policy and our engagement with other trading partners will continue.
This information was given by the Union Minister for Steel Dharmendra Pradhan in a written reply in the Lok Sabha today.