Financial Daily from THE HINDU group of publications
Saturday, Mar 27, 2004
Financial Daily from THE HINDU group of publications Saturday, Mar 27, 2004 |
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Industry & Economy
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Steel India forging group on steel subsidy ban pact Our Bureau
New Delhi , March 26 INDIA is in talks with like-minded countries such as Brazil, China and Egypt to form an informal group for the proposed steel subsidy ban treaty that is currently being negotiated at the Organisation for Economic Cooperation and Development (OECD). OECD is trying to put in place an international treaty, among the major steel producing nations, that will ban all direct and indirect forms of State subsidies on steel, on grounds that they distort the market. "We are trying to form a group primarily with Brazil, China and Egypt to negotiate with OECD countries on steel subsidy agreement," said the Joint Secretary in the Ministry of Steel, Mr J.P. Singh, on the sidelines of an interactive session organised by the Ministry of Steel UNCTAD to discuss the issue of steel subsidies. Mr Singh said India is trying to work out an alliance with these countries based on the common economic interests of the developing nations. He, however, added that it is not an easy task given the concerns. Mr Singh, who heads the Indian delegation at the OECD round said that a basic draft which would form the starting point for the hard negotiations is expected to be in place by September. India's per capita consumption on an annual basis in placed at 30 kg, while that of the US and Japan is over 400 kg. The stand that the total ban should not be applicable to countries like India unless their per capita consumption reached the average international level. The next round of negotiations will cover areas such as a blanket prohibition on specific subsidies and differential treatment for developing economies.
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