Home Nation News India Extended Anti-dumping Duty on Jute Products Imported from Nepal, Bangladesh

India Extended Anti-dumping Duty on Jute Products Imported from Nepal, Bangladesh

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India Extended Anti-dumping Duty on Jute Products Imported from Nepal, Bangladesh

Last Updated: January 10, 2023, 18:51 IST

Dumping impacts the price of that product in the importing country, hitting the margins and profits of manufacturing firms in the country (Representative Image:  Reuters)

Dumping impacts the worth of that product within the importing nation, hitting the margins and income of producing companies within the nation (Representative Image: Reuters)

According to a notification of the Central Board of Indirect Taxes and Customs (CBIC), the responsibility imposed “shall be levied for a period of five years (unless revoked, superseded or amended earlier)”

India has prolonged anti-dumping responsibility on imports of sure jute merchandise from Nepal and Bangladesh for 5 years, a transfer aimed toward defending home gamers from low-cost inbound shipments.

These duties have been imposed following suggestions of the commerce ministry’s investigation arm Directorate General of Trade Remedies (DGTR).

The DGTR, in its probe in September final 12 months, concluded that there’s continued dumping of those merchandise from Nepal and Bangladesh and the imports are prone to enter the Indian market at dumped costs within the occasion of cessation of current responsibility.

It had really helpful continued imposition of the anti-dumping responsibility on the imports to take away harm to the home trade.

According to a notification of the Central Board of Indirect Taxes and Customs (CBIC), the responsibility imposed “shall be levied for a interval of 5 years (until revoked, outmoded or amended earlier)”.

The duty ranges between USD 6.3 per tonne and USD 351.72 per tonne. It is applicable to products like jute yarn/twine, sacking bags and hessian fabric. While the DGTR conducts the probe and recommends the duty, the finance ministry takes the final decision to impose the same.

Jute products are primarily used in packaging; geotextiles like landfill covering, and embankment reinforcement; protection of rooting plants; handbags, and all types of stiff bags.

Indian Jute Mills Association (IJMA) had repeatedly complained about the dumping and illegal import of jute products from Bangladesh and Nepal.

In international trade parlance, dumping happens when a country or a firm exports an item at a price lower than the price of that product in its domestic market.

Dumping impacts the price of that product in the importing country, hitting the margins and profits of manufacturing firms in the country.

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 DGTR, in India.

The duty is aimed at ensuring fair trading practices and creating a level-playing field for domestic producers vis-a-vis foreign producers and exporters.

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(This story has not been edited by News18 workers and is printed from a syndicated information company feed)

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