India and the United States have reached an agreement to settle six ongoing disputes at the World Trade Organisation (WTO) through mutually agreed solutions. Three of the disputes were initiated by India against the US, involving countervailing measures on carbon steel flat products, measures related to the renewable energy sector, and steel and aluminum products.
The US, on the other hand, filed disputes regarding measures concerning solar cells and modules, export-related measures, and additional duties on certain products. As part of the agreement, the US will provide market access for steel and aluminum products under the exclusion process of Section 232, while India will remove retaliatory tariffs on certain products while maintaining basic import duties.
The US Department of Commerce will review and approve a significant percentage of steel and aluminum applications originating from India, which is expected to boost India's exports in these sectors by approximately 35%. The resolution of these disputes, which have been ongoing for over a decade, is seen as an unprecedented achievement and will restore opportunities for Indian steel and aluminum exporters that have been limited since June 2018.
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