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India readying laws for post-QR regime

India is taking legislative steps to take emergency action in case imports surge in the post-QR regime and cause serious injury to the domestic industry.

Though India had to remove quantitative restrictions on all the items from April 1 this year under an agreement with the World Trade Organisation, the 'Agreement on safeguards' enables the member-countries to impose QRs again by way of emergency action.

The parliamentary standing committee on commerce held its meeting on May 21 and sought views of the state governments/Union territories on the Foreign Trade (Development and Regulation) Amendment Bill, 2001 which was introduced in the Rajya Sabha on April 24 this year.

The committee headed by BJP leader Sikander Bakht has also invited comments from individuals and organisations concerned with the import and export trade.

''The bill seeks to empower the Union government to make rules to provide for the manner in which articles liable for import restrictions may be identified and for the manner in which the causes of serious injury or cases of threat of serious injury in relation to such articles may be determined," a commerce ministry statement said.

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