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GCC decides to conduct 3-year safeguard measures on certain steel products

11 May 2021 16:02 reported by Iona Chen

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It was reported that the Gulf Cooperation Council (GCC) decided to conduct safeguard measures on certain imported steel products from foreign countries for three years.

The tariff imposition will be 16%, 15.2%, and 14.44% of the CIF value of imported goods for the first, second, third year, respectively.

This measure is not applied to certain developing countries, such as Hungary, Egypt, and Pakistan. The European Free Trade Association (EFTA), which signed a bilateral trade agreement with the GCC, is also exempted from this safeguard measure. These countries' steel exports to the GCC were less than 1% of the total exportation.

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