India conveys reason to WTO for MIP on steel: Minister

India has conveyed to WTO the reason for imposition of minimum import price (MIP) on steel products and is ready to discuss the issue further if required, Steel Minister Chaudhary Birender Singh has said.
Japan has dragged India to the World Trade Organization against certain measures taken by New Delhi on imports of iron and steel products.
"The rationale for imposition of MIP had also been communicated to WTO through our Indian Ambassador. So, if there is any further clarification required, Ministry is ready to discuss the same," Singh told PTI.
India has moved from MIP to the regime of anti-dumping and safeguards, he said, adding that the MIP mechanism was an exigency measure that was taken to curb the unabated surge in imports at predatory pricing.

He said MIP was notified as an emergency measure as other trade remedial measures such as anti-dumping rules and safeguard rules are process oriented and time consuming in terms of implementation and impact.
"However, MIP was gradually phased out as and when suitable trade remedial measures were put in place," he added.

The Government of India, he said, has provided extensive support to the domestic steel industry by way of various trade remedial measures in recent times, such as MIP, anti-dumping and safeguard measures and quality control.
"The current scenario in the steel sector is well known, and hence the government will take all necessary measures as and when required to support the industry," Singh said.

As on date, 124 out of 173 tariff lines initially notified as MIP, are covered under anti-dumping duties in addition to the safeguard duties on Hot Rolled Coils and Plates.
MIP has also been withdrawn on February 4, he added.
"On December 20, Japan notified the WTO Secretariat that it had requested dispute consultations with India in the dispute 'India-Certain Measures on Imports of Iron and Steel Products'," the WTO had said.