Question

India recently took up which measure to protect its domestic steel industry from cheap imports from China and Korea

• A. Sanitary and phytosanitary conditions
• B. Customs Duty
• C. Minimum import price limits
• D. Import Quota limits

Answer 1

The correct option is C

Minimum import price limits

India recently has imposed Minimum Import Prices (MIP) on certain steel products to protect domestic industry from cheap imports from China and South Korea.

'Non-tariff Barrier', a form of restrictive trade where barriers to trade are set up and take a form other than a tariff, i.e monetary in form. Nontariff barriers include quotas, levies, embargoes, sanctions and other restrictions, and are frequently used by large and developed economies