India challenges EU's steel import safeguards at WTO

India has officially requested talks with the European Union at the World Trade Organization (WTO) about new steel import measures announced by the EU. Indian officials are concerned that these changes could harm their steel industry. The EU plans to implement the new measures in two stages. One major change is a 25% duty on steel imports exceeding set quotas, which will last until 2026. This step is part of the EU's efforts to protect its domestic steel market. India, among other countries like China and Turkey, exports a significant amount of steel to the EU. In the last fiscal year, India’s steel exports to the EU reached $6.64 billion, an increase from $6.1 billion the previous year. When a country implements safeguards, other countries can ask for consultations to address their concerns. This may lead to agreements on trade compensation or the right to retaliate. The EU first introduced these safeguard duties in 2018 and is now proposing adjustments to existing quotas and limits on imports.