Union Government imposes anti-dumping duty on Chinese auto parts
The Union Finance Ministry has imposed anti-dumping duties on imported Chinese auto parts used in commercial vehicles for a period of five years.
Decision in this regard was taken following recommendations of the Directorate-General of Anti-Dumping and Allied Duties (DGAD).
Chinese items like Front-axle beam and steering knuckles meant for heavy and medium commercial vehicles were imported into India at prices less than even cost of production in domestic market.
Anti-dumping duties was also imposed on
- Fully-drawn/oriented yarn, spin-drawn yarn and flat yarn of polyester (non-textured) imported from China and Thailand for 5 years.
- Plain medium density fibre board of thickness six mm and above imported from Malaysia, China, Thailand and Sri Lanka for a period of 5 years.
- Hexamine used in making of phenolic resins imported from China and the United Arab Emirates (UAE) for 5 years.
Anti-dumping duties: It is counter import measure used by a country under the multilateral World Trade Organisation (WTO) regime to protect its domestic producers and market from below-cost/cheap imports. It varies from product to product and from country to country.
Categories: Business & Economy Current Affairs 2017