Indian government has reduced customs duty to zero on imports of various products (including steel) imported from Japan under Free Trade Agreement (FTA) signed in August, 2011.
India had signed FTA with South Korea in Jan’10 and with Japan in Aug’11. Under the agreement, duty on most of the products (including finished steel) traded between FTA signed countries are either eliminated or reduced to zero in time span of five years.
Duty Structure for Flat Steel under HS code 720810 to 722990 imported from Japan
|
Product |
2011 | 2012 | 2013 | 2014 | 2015 |
|
| Flat Steel | 4.2 | 3.3 | 2.5 | 1.7 | 0.8 | 0.0* |
*wef 1 Apr, 2016
India’s Steel Imports from Japan & Korea
| Year | Countries | Total Steel Imports | % Share in Total Imports | ||
| Japan | Korea | Japan | Korea | ||
| FY 15 | 1.60 | 1.92 | 10.02 | 16 | 19 |
| FY 16 (Apr’15 – Feb’16) | 1.96 | 2.76 | 11.06 | 17 | 25 |
Source: JPC
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