Businessmen told how to cope with dumping

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LAHORE: Businessmen must be fully aware of World Trade Organisation (WTO) rules and equipped with scores of instruments to protect their interests from dumping of commodities by overseas players. This was the crux of presentations and speeches delivered at a seminar on Trade Defence Instruments organised on Thursday.

Industries Secretary Dr Shujat Ali said trade and commerce played a pivotal role in economic development of a country and was rightly considered an engine of growth. However, he pointed out that in the present scenario, unfair trade practices had increased considerably and to counter these, laws made under the WTO Agreement should be followed.

National Tariff Commission (NTC) Director General Muhammad Abdul Khaliq told the audience that NTC, established in 1990, had a mandate to advise the government on matters relating to protection and assistance to the industry and promoting exports. He said sufficient legislation had already been made to provide maximum safeguards for the industry.

To protect the industry from unfair trade practices, the government has framed Anti-dumping Duties Ordinance 2000 and Countervailing Duties Ordinance 2001.

NTC Deputy Director Muhammad Arshad said anti-dumping application was processed within 12 months and anti-dumping duty could be imposed after 60 days of the initiation of investigation.

Applications for imposing countervailing duty can be made by or on behalf of domestic industry, hurt by subsidised imports. NTC will investigate and impose a provisional countervailing duty in 60 days of the initiation of investigation for a period of four months.

Courtesy: Tribune

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