Latest news with #TradeRemediesAuthority
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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.
Business News Wales
24-04-2025
- Business
- Business News Wales
UK Government Says it Will ‘Maintain Level Playing Field' for British Business
UK Government Says it Will 'Maintain Level Playing Field' for British Business The UK Government has said it will support businesses to trade freely, saying it was acting on practices such as the dumping of cheap goods into the UK. It announced immediate action by the Trade Remedies Authority (TRA), the body responsible for defending the UK against certain unfair international trade practices. Speaking in Washington D.C. at the annual IMF Springs meetings, Chancellor Rachel Reeves also announced her intention to review the customs treatment of Low Value Imports, which allows goods valued at £135 or less to be imported without paying customs duty. Some of Britain's best-known retailers such as Next and Sainsburys, have called for amendments to the treatment, arguing that it disadvantages them by allowing international companies to undercut them. Chancellor of the Exchequer, Rachel Reeves, said: 'The world has changed, and we are in a new era of global trade. 'We must stand up for free and open trade – crucial to deliver our Plan for Change to make everyone better off. We must help businesses keep their access to trade around the world. 'This government is meeting the moment to protect fair and open trade. Following recent announcements reducing tariffs and support for the zero-emissions vehicles industry, today's package will help businesses compete fairly with international exporters, supporting a world economy that provides stability and fairness for working people and businesses alike.' As part of the Spring Statement tariffs were suspended on 89 foreign products – ranging from pasta, fruit juices and spices to plastics and gardening supplies – over the next two years. Business and Trade Secretary Jonathan Reynolds said: 'This government won't stand idly by while cheap imports flood our markets and harm British industries. That is why I met with the TRA recently to agree urgent steps to tackle these issues in real time to deliver quicker protections for firms. 'This is about standing up for our national interest, and as part of our Plan for Change, creating a level playing field where UK businesses can thrive and grow.'
Fibre2Fashion
24-04-2025
- Business
- Fibre2Fashion
UK to review low value imports exemption for fairer competition
The UK government has announced immediate action to tackle unfair international trade practices, led by the Trade Remedies Authority (TRA). The move aims to protect British businesses from unfair competition in the global market. Chancellor Rachel Reeves has also revealed plans to review the customs treatment of low value imports, which currently exempts goods valued at £135 (~$179.76) or less from customs duty. Major UK retailers like Next and Sainsburys have called for changes to this rule, arguing it puts them at a disadvantage by allowing international companies to undercut domestic prices, the UK government said in a press release. UK government has taken action to tackle unfair international trade practices, led by the Trade Remedies Authority. The government also plans to review the customs treatment of low value imports, which currently exempts goods under £135 (~$179.76) from customs duty. UK retailers like Next and Sainsburys have pushed for changes, citing unfair competition. Speaking at the annual IMF Spring meetings in Washington D.C., Chancellor Reeves emphasised the importance of maintaining an open global economy for UK growth, aligning with the government's overarching Plan for Change. She stressed that while free trade benefits the UK, fairness must be prioritised in the global economic system to address the uneven distribution of growth. 'This government is meeting the moment to protect fair and open trade. Following recent announcements reducing tariffs and support for the zero-emissions vehicles industry, today's [April 23] package will help businesses compete fairly with international exporters, supporting a world economy that provides stability and fairness for working people and businesses alike,' said Reeves . This latest move builds on previous government actions, including a strategic approach to supporting British steelmaking and initiatives to bolster zero-emission vehicles. The recent suspension of tariffs on 89 foreign products and ongoing efforts to support British industries in the face of global economic challenges were also highlighted. Business and trade secretary Jonathan Reynolds reinforced the government's commitment to safeguarding UK businesses from unfair competition. "This government won't stand idly by while cheap imports flood our markets and harm British industries," Reynolds stated. "That is why I met with the TRA recently to agree urgent steps to tackle these issues in real time to deliver quicker protections for firms." Responding to the announcement, Helen Dickinson, chief executive of the British Retail Consortium , said: 'The announcement of the review into the de minimis rules is most welcome and shows that the government has listened to the concerns and representations of retailers and the BRC and that it is prepared to take swift action to protect consumers from goods being dumped in the UK, many of which fail to meet UK environmental and ethical standards, as a result of global trade turmoil. A review of this policy, which was designed to reduce the burden on low volume, low value imports, was already needed. With retailers seeing a rise in the number of potentially non-compliant products entering the UK market, it's even more critical now.' Theo Paphitis, retail entrepreneur , said: 'This is a much-needed injection of confidence for retailers and a common sense move to protect the UK economy. The sector has been crying out to level the unfair playing field and is a welcome, positive and strong step in the right direction by the Chancellor. This shows the government is listening and responding to UK business.' Fibre2Fashion News Desk (KD)
Fashion United
24-04-2025
- Business
- Fashion United
UK chancellor to review de minimis rule, mitigate impact of ‘dumped' goods
Chancellor Rachel Reeves has outlined a plan to mitigate the impact of 'practices that undercut fair trade' which will include a review of the customs treatment of Low Value Imports. The law currently allows for goods valued at 135 pounds or less to be imported without paying customs duties. Some retail giants, however, have called for this to be amended, "arguing that it disadvantages them by allowing international companies to undercut them'. Speaking in Washing DC at the IMF Spring meetings on April 23, Reeves said 'free and open trade is good for the UK, but fairness needs to be injected into the global economic system'. The UK government also announced 'immediate action' under the Trade Remedies Authority (TRA), an organisation intended to defend the UK against unfair international trade practices. At the crux of the mission is to address 'cheap imports [flooding] our markets and [harming British industries', business and trade secretary Jonathan Reynolds said in a statement. 'That is why I met with the TRA recently to agree urgent steps to tackle these issues in real time to deliver quicker protections for firms,' he added. Government to address cheap imports flooding market The 'potential future 'dumping' of cheap goods into the UK' is also on the radar for Reeves, as she plans to increase support for businesses in reporting unfair practices and improving the monitoring of trade data. It all caters to the wider government priority, Plan for Change, set out at the beginning of Labour's appointment as milestones that must be met under the party. As such, the TRA is set to implement resources into its pre-application office, bringing in analysts, lawyers and accountants to back British businesses and advise them in reporting unfair trade practices. The organisation has also agreed to enhance its monitoring of emerging trade risks and plans to reduce the time it takes to carry out investigations to deter harmful imports. In a release, George Weston, chief executive of Primark parent company, Associated British Foods, said: 'We welcome the chancellor's plan to review the customs treatment of Low Value Imports. The abolition of the favourable tax treatment of low value imports would be a significant step forwards in the government's support for British businesses. We have long advocated for the closure of this tax loophole which undermines many UK companies that make a substantial contribution to the British economy, to the British high street and to the British Government's own revenues.'
