The Gulf Cooperation Council declines to impose safeguard duties on steel imports - Joint Press Release by the Ministries of Foreign Affairs and of Economy

The Brazilian government was pleased to learn that the Gulf Cooperation Council  (GCC) has concluded a safeguard investigation on  imports of  certain steel products and decided not to impose measures against Brazil.

If imposed, the safeguards would have a negative impact on Brazilian exports of the investigated product to the GCC countries (Saudi Arabia, Kuwait, Oman, Bahrain, United Arab Emirates and Qatar). In addition, it would contribute to the chronic problems that the steel industry faces globally, such as overcapacity and protectionism.

The Ministry of Economy and the Ministry of Foreign Affairs actively participated in the investigation, defending that domestic exports should be excluded from the possible imposition of safeguard duties, pursuant to the Safeguards Agreement of the World Trade Organization.

The decision is a positive outcome for the Brazilian steel sector and for the economic and trade relations between Brazil and GCC countries.