China’s New Steel Export License To Curb Global Trade Backlash

China plans to implement an export license system for 300 steel products by 2026 to monitor and regulate trade, amidst growing global protectionism. This move aims to ensure compliance with WTO rules while addressing concerns over robust steel exports fueling international trade tensions.

In a strategic move to address rising global protectionism, China's Ministry of Commerce declared on Thursday its intention to require export licenses for 300 steel products. The policy aims to enhance monitoring and tracking of exports, aligning with World Trade Organization regulations.

Amidst growing international scrutiny over its steel shipments, China announced plans to introduce a comprehensive license system by 2026. The measure intends to regulate metal exports, which have been met with increasing backlash from protectionist nations.

This decision comes at a time when robust steel exports from China are contributing to heightening trade tensions worldwide. By introducing a licensing system, China seeks to affirm its commitment to WTO rules and mitigate the adverse impact of its steel trade practices.

(With inputs from agencies.)