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India, China, and Russia, together with five other World Trade Organisation (WTO) members, slammed the European Union on Monday for extending its existing safeguard measure on some steel products beyond June 30.
During a WTO meeting, they contended that the EU's safeguard charge, which went into effect after the US levied additional tariffs on specific types of steel imports from the EU in 2018, was incompatible with the global trade body's rules. WTO members, including India, also criticised similar duties imposed by the United Kingdom.
During the meeting, China and Korea said the rationale for extending the measure was ill-founded, while Brazil argued that the only sustainable solutions for the global problem of excess steel capacity were those based on multilateral or plurilateral cooperation instead of unilateral protectionist measures.
The WTO members alleged that the UK failed to carry out an investigation justifying the measures in line with the WTO rules. Under the global trade body's Safeguards Agreement, members can temporarily restrict a product's imports by imposing higher tariffs or other measures if its domestic industry is seriously injured.
The measures apply to all imports, not just those from a particular country, and should last no more than four years. However, developing countries accounting for less than 3% of the exports are excluded from such measures.
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