In its initial findings, the UK’s Trade Remedies Authority (TRA) has today (20 December 2022) proposed that a countervailing measure on imports of Stainless Steel bars and rods from India be revoked. Countervailing measures are put in place to offset imports being sold at unfair prices due to government subsidies in their country of origin.
The TRA, as set out in the Statements of Essential Facts (SEF), found that revoking the measure would be unlikely to cause injury to the UK industry.
The measure covers Stainless Steel bars and rods used across various industries, including the automotive, aerospace and food processing industries. They can either be used as a specific component in a larger product, for example as a propeller shaft, or they can be further worked into other stainless-steel products, for example precision components.
As part of its transition review, the TRA found that while there have been subsidised imports of the goods while the measure has been in place, and this will likely continue, injury to UK industry would be unlikely to recur if the measure was no longer applied.
This was determined after the TRA found evidence suggesting that UK producers supply only limited amounts of these bars and rods to the UK market, with the majority of their production being exported. Therefore, the TRA found there to be a low risk of injury resulting from the removal of the measure.
Following today’s publication, there will be a 33-day period in which interested parties can comment on the report. Comments can be made to the TRA via the Trade Remedies Service website.
The TRA will then consider and produce a Final Recommendation, which will be sent to the Secretary of State for International Trade who will make the final decision on whether to uphold the TRA’s recommendation.
Notes to editors:
The Trade Remedies Authority (TRA) initiated this transition review in June 2022.
The period of investigation for the transition review was 1 April 2021 – 31 March 2022 while the injury period was 1 April 2018 – 31 March 2022.
The duties recommended for revocation range from 0% – 4%.
Countervailing measures are put in place to offset imports being sold at unfair prices due to government subsidies in their country of origin. They are one of three types of trade remedies that are allowed under World Trade Organisation (WTO) rules.
The Trade Remedies Authority (TRA) is the independent UK body, established in June 2021, as the first non-departmental public body of the Department for International Trade, that investigates whether trade remedy measures are needed to counter unfair import practices and unforeseen surges of imports.