BRUSSELS, April 14 (Bernama-dpa) -- EU negotiators have agreed to tighten steel import rules, sharply reducing the volume that can enter the bloc duty-free in a bid to protect domestic producers, reported German news agency dpa.
Negotiators from the EU member states and the European Parliament agreed late Monday that the annual duty-free import quota for steel will be capped at 18.3 million tons, around 47 per cent less than before.
Additional imports will face a tariff of 50 per cent, double the previous rate, according to a statement from the EU member states.
Cheap steel exports from China, India and Turkey in particular have been putting pressure on European producers. The new rules would protect the European market from global overproduction, the statement said.
The agreement also sets out what share of the duty-free steel quota each third country will receive.
At the same time, some flexibility is to be maintained. Unused import quotas, for example, will be allowed to be carried over from one quarter to the next.
The current regulation expires on June 30. For the new rules to take effect, the member states and the European Parliament still need to give formal approval, though that is seen as a formality.
--BERNAMA-dpa
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