13th January, 2023 Economy
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- The Association of Man-made Fibre Industry of India (AMFII) has appealed to the Union Finance Ministry to accept the recommendations of the Directorate General of Trade Remedies (DGTR) on the levy of anti-dumping duty (ADD) on imports of Viscose Staple Fibre from Indonesia.
About Anti-Dumping Duty:
- Anti-dumping duty is a tariff imposed on imports manufactured in foreign countries that are priced below the fair market value of similar goods in the domestic market.
- Anti-dumping duty is imposed to protect local businesses and markets from unfair competition by foreign imports.
- The use of anti-dumping measures as an instrument of fair competition is permitted by the World Trade Organisation.
- Where dumping occurs, the WTO allows the government of the affected country to take legal action against the dumping country as long as there is evidence of genuine material injury to industries in the domestic market. The Government must show that dumping took place, the extent of the dumping in terms of costs, and the injury or threat to cause injury to the domestic market.