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India explains rationale for minimum import prices to WTO following Japan's challenge

( February 22, 2017, 06:04 GMT | Insight) -- India argued at the World Trade Organization that it had imposed a minimum import price, or MIP, on iron and steel products as an emergency measure to stem the surge in imports priced below market value, the Financial Express reports.India argued at the World Trade Organization that it had imposed a minimum import price, or MIP, on iron and steel products as an emergency measure to stem the surge in imports priced below market value, the Financial Express reports. Steel Minister Chaudhary Singh said the MIP was a temporary measure that was gradually phased out as anti-dumping duties and other safeguards became ready for implementation. Of the 173 tariff lines affected by the MIP, 124 are now covered under dumping duties duties and safeguards. The explanation came after Japan initiated WTO dispute consultations against India over its iron and steel measures.  ...

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