|  India all set to join OECD steel panel -
December 28th, 2007
India all set to join OECD steel panel
India on Thursday expressed willingness to join Organization for Economic Cooperation and Development (OECD) steel committee provided no additional conditions are imposed on it other than that of the WTO.
A steel ministry official said, once they agree to this we have no problem in joining the Committee,” .With its 30 members and observers including India, China and Russia the committee accounts for around 65% of world steel production and 80% of global steel exports. China, which has also been invited to join the Committee, is considering the same, while Russia is understood to be willing to join the Committee.
India currently have observer status in the Committee, but in view of the country’s massive-capacity expansion plans India are slated to be the world's second biggest steel producing nation in next few years.
In India, production figures have been revised upwards, making the country the fifth largest producer in the world last year.
Over the years, OECD has emerged as a unique platform where multilateral steel problems are discussed and political solutions to these problems found.
However, China continues to drive world production developments. In the first 10 months of 2007, Chinese steel production reached 409 million tonne, up 18.1% from a year earlier, growing faster than domestic demand.
The BRIC economies (Brazil, Russia, India and China) are leading the growth of world demand.
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