India will not apply anti-dumping duties for Vietnam's artificial fiber
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India has chosen not to place anti-dumping taxes on some artificial fiber products, including viscose spun yarn imported from countries such as Vietnam, reported VOV.
Previously on December 30, 2020, India’s Ministry of Commerce and Trade had issued their final investigation into the case, while the Indian Ministry of Finance subsequently proposed imposing anti-dumping duties of between USD 0.25 and USD 0.8 per kilo on these products. In line with this suggestion, it was put forward that anti-dumping taxes on Vietnamese items should be at USD 0.41 per kilo.
Anti-dumping duty is imposed against a specific country if there is a sudden drop in the price of an imported item.
Dumping impacts price of the product in importing country, hitting margins and profits of manufacturing firms.
According to global trade norms, a country is allowed to impose tariffs on such dumped products to provide a level-playing field to domestic manufacturers.
The duty is imposed only after a thorough investigation by a quasi-judicial body, such as Directorate General of Trade Remedies, in India.
Imposition of anti-dumping duty is permissible under the World Trade Organization (WTO) regime. India and Vietnam are members of the Geneva-based organisation, which deals with global trade norms.
According to information released by the Trade Remedies Authority of Vietnam, the date of initiating the investigation began on January 14, 2020, with products subject to an investigation falling under the HS codes 5510.11.10; 5510.12.10; 5510.11.90; 5510.90.10; and 5510.90.90.
The plaintiff is the Indian Manmade Yarn Manufacturers Association, with the investigation period beginning from April 1, 2019, to December 31, 2019.
Data compiled by the General Department of Vietnam Customs indicates that the country’s total export turnover of products subject to an investigation stood at USD 9.7 million in 2019, representing a year-on-year increase of 78 percent compared to 2018.
Vietnam’s fiber industry suffered last year due to both the severe impacts of the pandemic and anti-dumping investigations by the US and India and safeguard investigations by Turkey./.
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