India has proposed the imposition of retaliatory customs duties, under the WTO norms, on certain value of goods imported from the EU, as the two sides have failed to reach a consensus on the European Union's safeguard measures on some steel products. In a communication to the World Trade Organisation (WTO), India said that it has proposed suspension of concessions will take the form of an increase in tariffs on selected products originating in the EU. "India hereby informs that from 2018 to 2023, the safeguard measures (of the EU) have resulted in cumulative trade loss for India to the tune of USD 4.412 billion on which the duty collection would be USD 1.103 billion. "Accordingly, India's proposed suspension of concessions would result in an equivalent amount of duty collected from products originating in the EU," the communication said. It added that to ensure the effective exercise of its right to suspend substantially equivalent concessions, India reserves its right to effectuat Read The Rest at :