No more GCC Protective Measures on S. Korean Steel Products’ Imports

South Korean ministry of commerce announced that the Gulf Cooperation Council (GCC) have recently decided not to impose protective measures on the some steel products imported from the country.

The ministry alleged that a GCC permanent body has proposed to impose such measures on the S. Korean steel imports, a prospect that frighten the country’s steel tycoons.

Such proposal would have imposed tariffs on various steel imports for 3-year, at 16 per cent in the first year, descending to 15.2 in the second and to 14.4 per cent, in the third.

Uncertainty over such a decision is vanished, now, a ministry’s spox said, removing the concerns over exporting steel products as well as some Zink related exports, including Zink plated steel sheets.

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