DUBAI, Oct. 12 (Xinhua) -- The United Arab Emirates (UAE) announced on Sunday the extension of higher customs duties on steel and iron coils, maintaining the rate at 10 percent until Oct. 12, 2026, according to the country's customs authorities.
Dubai Customs said in a statement that the decision was approved by the Financial and Economic Cooperation Committee, which endorsed the continuation of the previous measure to increase tariffs on iron and steel products.
The measure seeks to support the stability of the domestic steel market and ensure a balance between producers and importers, in line with the UAE's policy to protect national industries and enhance their competitiveness, said the statement.
According to official records, the UAE raised customs duties on rebar and iron coils from 5 percent to 10 percent in 2023. ■
