PTI reported that the demand for taking steel out of the purview of the free trade pact with Japan and Korea is getting stronger with Essar Steel arguing that such a move would be in the interest of the domestic industry.

Essar Steel Executive Director (strategy & business development) Vikram Amin told PTI that "There is a definite case to exclude steel products from the ambit of the Free Trade Agreement with Korea and Japan.”

He added that "Considering the high value addition in the steel industry and employment generation potential, it makes immense sense to export steel rather than exporting iron ore and importing steel.”

Earlier this week, JSW Steel was the first among domestic steel makers to come out in the open with such a demand saying that taking advantages of the FTA, Japan and Korea are dumping steel products in India at a "very low price" since their own economies were not doing well.

JSW Steel CMD Mr Sajjan Jindal had said that "Japan and Korea are pushing for more steel into India. There is more than 300% increase in imports of steel in just one year from these countries. So, the government needs to sit back and take a look at this. Steel should be outside of the FTA purview.”

Source - PTI

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