The business group said time was running out before the new regime was due to take effect on July 1, adding that many companies were facing significant cost increases and supply chain challenges if plans did not change.
Industry concerns are growing ahead of the July implementation
Under the proposed system, duty-free steel import quotas will be reduced by a total of 60%, compared with a 47% reduction under the new European Union steel trade regime. According to the BCC, some categories of steel products may face quota reductions of as much as 90 percent. At the same time, import tariffs in excess of quota limits are planned to be increased from 25 to 50 percent.
The BCC said these changes would particularly affect the refining sectors, which rely on imported steel products not available from domestic suppliers.
BCC calls for policy adjustments
In a letter sent to Business and Trade Minister Peter Kyle in May, the BCC proposed several measures to reduce the impact of the new regime.
Recommendations include:
- scaling back quota reductions to bring them more fully in line with
