Latest news with #AseanPlusThree
New Straits Times
14-05-2025
- Business
- New Straits Times
Anti-dumping duties on steel, tinplate 'a bit late but apt to protect local industry'
KUALA LUMPUR: Malaysia is somewhat late in implementing anti-dumping duties on steel imports from South Korea and China, an economist said. Nusantara Academy for Strategic Research senior fellow Dr Azmi Hassan also said Malaysia's decision to start imposing such duties on South Korea, China and two others from May 11 should not be seen seen as targeting certain countries. Azmi told Business Times that countries such as Vietnam, Thailand and Indonesia had introduced similar measures weeks earlier. "Their call came in response to the 25 per cent tariff imposed by United States (US) President Donald Trump in January on steel and iron products exported to the US," he said. In March, US Commerce Secretary Howard Lutnick reaffirmed that the United States intends to implement a 25 per cent tariff on all aluminum and steel imports starting March 12. "Following that executive order, steel from China, South Korea and Japan began flooding the Malaysian market at very low prices, effectively being dumped here, which poses a serious threat to our local steel and iron industry," Azmi said. He, however, said this would not hurt Asean Plus Three (APT) relations, as other Asean countries had already implemented similar anti-dumping policies before us. "Malaysia's move should not be seen as targeting China, South Korea or Japan specifically. It's simply a necessary step to protect our domestic industry in light of the trade distortion triggered by the US tariff decision," he added. On Tuesday, Malaysia moved to impose definitive anti-dumping duties on imports of certain flat-rolled products of iron or non-alloy steel originating from China, India, Japan and South Korea. According to the Investment, Trade and Industry Ministry, the decision follows an investigation conducted under the Countervailing and Anti-Dumping Duties Act 1993 and the corresponding Regulations of 1994. The investigation was launched in response to a petition submitted by Perusahaan Sadur Timah Malaysia Bhd, representing the domestic producers of the affected products. Definitive anti-dumping duties have been imposed at rates ranging from 4.48 per cent to 20.42 per cent for China, 27.88 per cent for India, 15.74 per cent to 36.80 per cent for Japan, and 21.60 per cent to 35.43 per cent for South Korea. The ministry said the Customs Department will implement the collection of these duties on the affected imports for a period of five years, starting from May 11 this year until May 10, 2030. "With the imposition of anti-dumping duties on the imports of subject merchandise from the alleged countries, it is expected that the effects of unfair trade practices will be addressed," it said.
AsiaOne
06-05-2025
- Business
- AsiaOne
Japan, China, South Korea, Asean enhance regional financial safety net, Money News
Japan, China, South Korea and the 10 Asean countries agreed to enhance their regional financial safety net by launching a new lending facility aimed at swiftly responding to crises caused by pandemics and natural disasters. The finance leaders of the so-called Asean Plus Three group agreed at their meeting in Milan, Italy, on Sunday (May 4) to establish the new facility under their currency swap arrangement known as the Chiang Mai Initiative Multilateralization (CMIM). The CMIM, created after the 1997-98 Asian financial crisis, is designed to support regional financial stability by allowing members to tap currency swap lines. The new rapid financing facility will enable members to access emergency financing without conditions in case of financial crises arising from sudden shocks. "We believe that this new CMIM facility will enhance regional resilience," the group said in a joint statement. The CMIM pool currently amounts to US$240 billion (S$310 billion) in foreign exchange reserves, with Japan and China each contributing US$76.8 billion, South Korea US$38.4 billion and the 10 Association of Southeast Asian Nations members a combined US$48 billion. The CMIM's two existing facilities — a crisis resolution instrument and a precautionary line — have never been utilised as members have turned to other resources with simpler decision-making processes such as bilateral swap lines.
