New Delhi: India is actively planning to enter into a long-term ore export agreement with China besides seeking to re-negotiate a fresh ore supply deal with Japan after its lease on Bailadila expired.
"We are thinking of entering into a minimum five-year-term ore export agreement with China in view of the growing demand there after ascertaining their need," Steel Minister Ram Vilas Paswan told reporters on the sidelines of the two-day Steel Outlook Conference underway in New Delhi.
"In case of Japan we are planning to re-negotiate a fresh deal keeping the business interests of the Indian steel producers paramount," he said.
Paswan said a high-level delegation comprising officials from the Steel and Commerce ministries besides representatives from the NMDC and KIOCL would meet their Japanese counterparts to find a solution to the ore export.
The Minister said globalisation also created trade disputes, which needed government supervision.
"While the WTO has played a key role in resolving such disputes and putting in place a rule-based system for all of us to work together, global trade matters cannot be left on their own. Active interventions were often felt necessary," he said.
"The Government of India welcomes entrepreneurs and will continue to play the role of a proactive facilitator. Given the strength demonstrated by the Indian economy our requirement of steel will continue to grow," Paswan pointed out.
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