India and Japan engaged in discussions on key areas of collaboration within the steel sector, focusing on economic trends, industry developments and global challenges impacting both nations. The talks covered the current state of the steel industry in India and Japan, information on India's Quality Control Orders (QCO), the effects of overproduction by some countries and cooperation on capacity-building programs.

There is already an existing Memorandum of Cooperation (MoC) between Ministry of Steel, Government of India and Ministry of Economy, Trade and Industry (METI), Government of Japan to promote development of cooperation in the field of steel industry between the two countries. However, as the Steel Sector is a deregulated sector, the Steel companies take investment decision based on the commercial interest without involvement of the Government.

This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Rajya Sabha.

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TPJ/NJ

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