Categories: Business

India imposed anti-dumping duty on phosphoric acid imported from South Korea, domestic industry was affected

Photo: THE STATESMAN

India imposes anti-dumping duty on phosphoric acid from Korea

new Delhi. India has decided to impose anti-dumping duty on phosphoric acid imported from South Korea for five years. This step has been taken to protect domestic manufacturers from cheap imports.

The Directorate General of Trade Treatment (DGTR), the investigative unit of the Ministry of Commerce, concluded in its investigation that the dumping of all grades of phosphoric acid (except agriculture or fertilizer grade) from Korea is affecting the domestic industry.

A revenue department notification states that under this notification, an anti-dumping duty of $ 137 per tonne will be levied for five years. This fee will be applicable from the day of publication of this notification and will have to be paid in Indian currency.

In the language of international trade, when a country exports a product at a price lower than the price of the domestic market of that country, a situation of dumping occurs. In the importing country, the price of this related product is affected and the margins and profits of manufacturing companies are affected.

This post was published on August 21, 2020 10:20 pm

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