| Date: |
24-02-2011 |
| Subject: |
REACH Hitting Indian Chemical Exports To EU: Govt |
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The government today said that a regulation, Registration Evaluation Authorisation and Restriction of Chemical Substances (REACH), by the European Union on chemicals has hit India's exports, besides increasing transaction cost.
"Yes sir," Minister of State for Commerce and Industry Jyotiraditya Scindia told the Rajya Sabha in a written reply to a question whether REACH threatens 24% of India's chemical exports by pushing up the cost per exporter per chemical by Rs 50-60 lakh.
He, however, said that the cost per chemical varies from Rs 3.25 lakh to Rs 80 lakh depending upon the hazardous nature of chemical, the volume of chemical and the number of registrants for the chemical, among others.
REACH aims to improve protection of human health and the environment from the risks of chemicals, while enhancing the competitiveness of the EU chemicals industry.
Source : moneycontrol.com
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