Latest news with #StatementofEssentialFacts'
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First Post
3 days ago
- Business
- First Post
UK trade body proposes to extend anti-subsidy duties on Indian PET imports for five more years
The UK's Trade Remedies Authority has published its initial findings that a countervailing or anti subsidy measure on the imports of polyethylene terephthalate from India be maintained for a further five years. read more Britain's Trade Remedies Authority (TRA) has recommended continuing anti-subsidy duties on polyethylene terephthalate (PET) imports from India for another five years, citing risks of renewed subsidisation and harm to the domestic industry. The TRA's proposal, published this week in a 'Statement of Essential Facts', stems from a review launched in July 2023. It concluded that removing the countervailing measure would likely lead to a resurgence of subsidised imports and renewed injury to UK manufacturers. STORY CONTINUES BELOW THIS AD The authority also found that prolonging the duty aligns with the UK's broader economic interests. Countervailing measures are one of three trade tools the UK uses to protect domestic industries, alongside anti-dumping and safeguard actions. These duties target goods that benefit from foreign government subsidies and are found to be damaging to local producers. Countervailing or counteracting measures address imported goods that are being subsidised by foreign governments. The TRA found that while Indian imports of PET during the investigation period were low at just 24 tonnes in 2023, the subsidy programmes identified in an original European Union (EU) measure still exist and are likely to continue. 'The investigation also concluded that UK industry remains vulnerable to injury, with falling sales, reduced production capacity, and evidence of underutilisation among domestic producers,' the TRA said. 'The intended recommendation is to maintain existing countervailing duty rates, ranging from 0 per cent to 13.8 per cent, until August 2029,' it added. Interested parties now have until June 13 to comment on the Statement of Essential Facts' and responses will be considered before TRA makes its final recommendation to the UK Secretary of State for Business and Trade, Jonathan Reynolds. STORY CONTINUES BELOW THIS AD TRA, as an independent trade body, investigates whether new remedy measures are needed to counter unfair import practices and unforeseen surges of imports from around the world. Trade remedy investigations were carried out by the European Commission on the UK's behalf until Brexit. EU trade remedy measures of interest to UK producers were carried across into UK law when the UK left the EU in 2019, and the TRA is currently reviewing each one to assess whether it is suitable for UK needs. Polyethylene Terephthalate (PET) imported from India is a type of plastic commonly used in food and beverage packaging, including bottles and containers. With inputs from agencies
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Business Standard
3 days ago
- Business
- Business Standard
UK trade body urges continuation of duties on Indian PET plastic imports
The UK's Trade Remedies Authority (TRA) has published its initial findings that a countervailing or anti-subsidy measure on the imports of polyethylene terephthalate (PET) from India be maintained for a further five years. The proposal, published in a Statement of Essential Facts' this week, follows a review initiated in July last year which concluded that subsidised imports of PET are likely to recur if the measure was no longer applied and that injury to UK industry would also be likely to recur. The TRA also found that maintaining the measure is in the economic interest of the UK, a statement notes. Countervailing or anti-subsidy measures are the UK's one of three trade policy tools to counter imports which are causing or threatening injury to domestic industry, the other two being anti-dumping and safeguard measures. Countervailing or counteracting measures address imported goods which are being subsidised by foreign governments. The TRA found that while Indian imports of PET during the investigation period were low at just 24 tonnes in 2023, the subsidy programmes identified in an original European Union (EU) measure still exist and are likely to continue. The investigation also concluded that UK industry remains vulnerable to injury, with falling sales, reduced production capacity, and evidence of underutilisation among domestic producers, the TRA said. The intended recommendation is to maintain existing countervailing duty rates, ranging from 0 per cent to 13.8 per cent, until August 2029, it added. Interested parties now have until June 13 to comment on the Statement of Essential Facts' and responses will be considered before TRA makes its final recommendation to the UK Secretary of State for Business and Trade, Jonathan Reynolds. TRA, as an independent trade body, investigates whether new remedy measures are needed to counter unfair import practices and unforeseen surges of imports from around the world. Trade remedy investigations were carried out by the European Commission on the UK's behalf until Brexit. EU trade remedy measures of interest to UK producers were carried across into UK law when the UK left the EU in 2019, and the TRA is currently reviewing each one to assess whether it is suitable for UK needs. Polyethylene Terephthalate (PET) imported from India is a type of plastic commonly used in food and beverage packaging, including bottles and containers.
