Steel Minister,C B Singh address at Global forum on ESC in Germany

Chaudhary Birender Singh, Union  Steel  Minister today  addressed  G20 in Germany He  expressed his  appreciation to the members of the Global Forum on Steel Excess Capacity for their significant efforts to come out with present draft progress report as intended by the Hangzhou and Hamburg mandates. He said as WTO members, we all are committed towards fair international trade. Countries take recourse to trade relief measures like anti-dumping duties, safeguard duties or countervailing duty when there is a deviation from this norm. Unfair subsidy and support measures by one country leads to global repercussion in other countries. He put focus on three main areas :

 

a) Acknowledgment of the global nature of the excess capacity challenge and the necessity of collective solutions;

 

b) Importance of enhancing market functions and encouraging adjustments

 

c) Need for improving transparency, review and assessment of market developments and steel policies. 

 

He said the Policies of our government with strong and vibrant leadership of our Prime Minister, Narendra Modi under ‘Make in India’ initiative are expected to facilitate significant domestic investment in construction, infrastructure including roads, highways & railways, automobile, shipbuilding and power sector which will stimulate steel demand in India.