Dubai – Mubasher: GCC member states have presented a proposal, published by the World Trade Organization (WTO) on Thursday, proposing a 31% safeguard tariff on iron and steel, Reuters reported.
The three-year tariff will be imposed on flat-rolled iron projects and non-alloy steel, the WTO said in a filing.
"The date of introduction of the measure will be determined in the TSAIP-Official Gazette which will be published once the Ministerial Committee approves the imposition of the measure," the filing showed.
The tariff will be lowered to 28% in the second year of application and to 25% in the third year, the report added.