Tag china and eu agree steel working group amid dumping concerns

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TAG China and EU Agree to Steel Working Group Amid Dumping Concerns

In a move aimed at addressing concerns over steel dumping and trade tensions, the Trade and Investment Agreement (TAG) between China and the European Union (EU) has agreed to establish a steel working group.

The working group, which will be set up under the auspices of the TAG, will focus on addressing issues related to steel overcapacity, dumping, and unfair trade practices. The agreement was reached during a meeting between Chinese and EU officials in Brussels, Belgium.

The EU has been critical of China's steel production practices, accusing the country of dumping steel products on the European market at below-cost prices, causing harm to local steel producers. The EU has imposed anti-dumping duties on several Chinese steel products in recent years.

China, on the other hand, has argued that the EU's anti-dumping measures are unfair and that the country's steel industry is facing significant overcapacity issues due to a combination of factors, including government support for the industry and a decline in domestic demand.

The steel working group is expected to provide a platform for both sides to discuss and address these issues, with the aim of finding a mutually beneficial solution. The group will also focus on promoting cooperation and dialogue between the two sides on steel trade and investment issues.

"We welcome the establishment of the steel working group as a positive step towards addressing the concerns of both sides," said a spokesperson for the EU's Trade Commissioner, Phil Hogan. "We believe that through dialogue and cooperation, we can find a solution that benefits both the EU and China."

A Chinese government spokesperson also welcomed the agreement, saying that it would help to promote a more stable and balanced steel trade relationship between the two sides.

The steel working group is expected to hold its first meeting in the coming weeks, with officials from both sides set to discuss the details of the agreement and the way forward.