International Trade Current Affairs - 2019
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India has in imposed definitive anti-dumping duty of 342.76 dollars per tonne on all phenol imports on imports of Phenol from South Africa. This anti-dumping duty will be valid for a period of five years.
The duty was imposed by Union Finance Ministry based on the recommendations of the Directorate General of Anti-Dumping Duty (DGAD) under the aegis of Union Commerce Ministry.
This decision was taken by DGAD on the petition filed by Hindustan Organic Chemicals Limited and S I Group Limited seeking continuation of anti-dumping duty on Phenol imports from South Africa.
It should be noted the above mentioned two companies are the only producers of Phenol in the country.
Phenol is a basic organic chemical characterized by a hydroxyl (−OH) group attached to a carbon atom.
Its specific name for its simplest member is monohydroxybenzene (C6H5OH) is also known as benzenol or carbolic acid.
It is widely used in particle boards, pharmaceuticals, plywoods, laminates and phenyl formaldehyde resins etc.
What is Anti-Dumping Duty?
- It is a trade duty imposed by any government on imported products which have prices less than their normal values in their domestic market.
- Usually countries initiate anti-dumping probes to check if domestic industry has been hurt because of a surge in below-cost imports.
- Anti-Dumping Duty is imposed under the multilateral 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. Directorate General of Anti-Dumping Duty-DGAD), while the Union Finance Ministry imposes it.