Union Government imposes anti-dumping duty on Plastic-Processing imports
Union Government has imposed anti-dumping duty of up to 44.7 per cent on import of plastic-processing machines from Chinese Taipei, Malaysia, Philippines and Vietnam for five years.
The anti-dumping duty will be levied on imports of all kinds of plastic-processing or injection-moulding machines, also known as injection presses.
The move is aimed at protecting the domestic industry from cheap in-bound shipments from these 4 countries.
The Directorate General of Anti-dumping and Allied Duties (DGAD) during its investigation had found that the cheap in-bound shipments of ‘Plastic Processing Machines or Injection Moulding Machines’ from these countries at dumped prices are hampering performance of the domestic industries.
What are Anti-dumping measures?
- These are taken to ensure fair trade and provide a level-playing field to the domestic industry. They are not a measure to restrict imports or cause an unjustified increase in cost of products.
- They are counter import measures used by a country to protect its domestic producers and market from below-cost (cheap) imports under the multilateral World Trade Organisation (WTO) regime.
- In India, anti-dumping duty is recommended by the DGAD under the aegis of Union Ministry of Commerce, while the Union Finance Ministry imposes it.
Categories: Business & Economy Current Affairs 2017