Current Affairs 2017 (August)

Anti-dumping duty on 93 products from China: Government

The Union Government has announced that anti-dumping duty is in force on 93 Chinese products to protect profitability of the domestic industry from import of cheap Chinese goods.

These products fall in the broad groups of chemicals and petrochemicals, steel and other metals, machinery items, fibres and yarn, rubber, plastic products, electric and electronic items and consumer goods, among others.

In addition to these 93 products, 40 cases concerning imports from China have been initiated by Directorate General of Anti-Dumping and Allied Duties (DGAD).

Anti-dumping duty

Anti-dumping duty is a protectionist stance taken by a government to cushion domestic companies from an increase in cheap price imports. It is imposed by government on imported products which have prices less than their fair normal values in their domestic market.

Why it is imposed?

When a country exports its products to other countries with a selling price below the cost price of the same product in other countries then it is called as dumping of products. This harms the profitability of domestic companies. Anti-dumping steps are taken to ensure fair trade and provide a level-playing field to the domestic industry.

Mechanism for imposition

Anti-Dumping Duty is imposed under the multilateral World Trade Organisation (WTO) regime and varies from product to product and from country to country. In India, anti-dumping duty is recommended by the Union Ministry of Commerce (i.e. by DGAD) and imposed by the Union Finance Ministry.

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India ratifies 2nd commitment period of Kyoto Protocol

India has ratified the second commitment period of the Kyoto Protocol (or Doha Amendment) that commits countries to contain the emission of greenhouse gases (GHGs). In this regard, India deposited its Instrument of Acceptance of the Doha Amendment to the Kyoto Protocol.

With this, India became the 80th country to accept the amendment relating to the second commitment period (2013- 2020) of the Kyoto Protocol.

About Kyoto Protocol

The Kyoto Protocol is an international GHGs emissions reduction treaty linked to the United Nations Framework Convention on Climate Change (UNFCCC). It commits its Parties by setting internationally binding GHGs emission reduction targets. It was adopted in Kyoto, Japan, in December 1997 and entered into force in February 2005.

The protocol is based on principle of equity and Common but differentiated responsibilities and respective capabilities (CBDR). It places obligations on developed nations to undertake mitigation targets to reduce emissions and provide financial resources and technology to developing nations. Developing countries like India have no mandatory mitigation obligations or targets under the Kyoto Protocol.

The first commitment period under the Kyoto Protocol was from 2008-2012. The second commitment period of the Kyoto Protocol or Doha Amendment for 2013-2020 period was adopted in 2012. The amendment includes new commitments for parties to the Protocol who agreed to take on commitments in a second commitment period and a revised list of GHGs to be reported on by Parties.

Comment

The ratification of second protocol reaffirms India’s stand on climate action. It also further underlines India’s leadership in the comity of nations committed to global cause of environmental protection and climate justice. It will encourage other developing countries also to undertake this exercise. Under the second commitment period, implementation of clean development mechanism (CDM) projects will help Indian attract some investments.

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