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The Dollar Business Bureau In order to safeguard the domestic industry from cheap imports, the Government has imposed anti-dumping duty on the imports of glassware from China and Indonesia. “The Central Government, after considering the final findings of the designated authority, hereby imposes definitive anti-dumping duty on the subject goods,” the Ministry of Finance said in a notification (No.22/2018-Customs ADD) on Wednesday. “The anti-dumping duty imposed under this notification shall be effective for a period of five years (unless revoked, superseded or amended earlier) from the date of publication of this notification in the Official Gazette and shall be paid in Indian currency,” the notification said. The Directorate General of Anti-Dumping & Allied Duties (DGAD) said in its findings that the subject goods have ...

The Dollar Business Bureau The Government has imposed anti-dumping duty, upto $2.69 per kg, on the imports on fishing net from China and Bangladesh, in order to safeguard the domestic industry from cheap imports. Whereas, in the matter of ‘Fishing Net’ falling under tariff item 5608 11 10 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) originating in, or exported from China PR and Bangladesh into India, the Designated Authority, has recommended imposition of definitive anti-dumping duty (ADD) on imports of the fishnet, the Finance Ministry said in a notification (No.20/2018-Customs-ADD). “The anti-dumping duty imposed under this notification shall be effective for a period of five years (unless revoked, superseded or amended earlier) from the date of publication ...

The Dollar Business Bureau International organisation International Monetary Fund (IMF) on Monday projected India’s gross domestic product (GDP) growth at 7.4% in the financial year 2018-19, making India being the ‘fastest-growing’ economy among the emerging economies. “India is forecast to grow at 7.4% in 2018-19 against 6.7% this year, gaining pace to 7.8% in 2019-20,” the IMF said in its report World Economic Outlook: Brighter Prospects, Optimistic Markets, Challenges Ahead.  China’s economy growth rate at 6.8% in 2017 was higher than India’s 6.7% but the former’s growth will slip to 6.6% next year. In 2016, India’s economy grew at 7.1% but slowed in 2017 due to demonetisation and rollout of GST. The IMF kept the aggregate growth projections unchanged for emerging markets and developing ...

The Dollar Business Bureau In order to safeguard the domestic industry against cheap imports, Directorate General of Anti-dumping & Allied Duties (DGAD) has recommended imposition of anti-dumping duties on the imports of resorcinol from China and Japan for the period of three years. Resorcinol is a phenolic compound that is used in manufacturing of medicines, resins, dyes, plastics and various other organic chemical compounds. “The Authority is of the view that imposition of anti-dumping duty is required to offset dumping and injury. Therefore, the Authority considers it necessary to recommend imposition of definitive anti-dumping duty on imports of subject goods from the subject countries for a period of three years only,” DGAD said in a notification (No./14/37/2016-DGAD). “The Authority, after examining the issues raised and submissions made by the interested parties ...

The Dollar Business Bureau Confederation of Indian Textile Industry (CITI), an apex textile industry body, on Monday called for imposing protection measures in order to prevent the routing of cheap fabrics from countries such as China through Sri Lanka and Bangladesh, where India has free trade agreements. The garment industry in India will face tough competition from countries like Bangladesh as the garments imported from these countries are cheaper as the production cost is quite low compared to India, CITI said in a statement. As per the recent data released by the Export Promotion Bureau of Bangladesh, India’s garments import from Bangladesh has touched $87.4 million during the period July to November this year, witnessing a steep rise of 56% compared to $55.92 ...

The Dollar Business Bureau  The US Ministry of Commerce has said it is likely to launch anti-dumping and countervailing duty probe of steel flanges being dumped by India and China into its markets.  The Commerce ministry has been petitioned by the Coalition of American Flange Producers and members in its group like Core Pipe Products Inc of Illinois and Maas Flange Corporation of Texas, to consider their petitions filed on August 16 and begin the investigation.  The domestic producers allege that the estimated dumping margins ranged between 99.23% to 257.11% for China and 78.49% to 145.25% for Indian steel products and also estimated that products from both the sides were subsidized at undetermined rates. Reiterating his government’s support to defend American businesses and ...

The Dollar Business Under a bilateral trade deal between US and China, cooked chicken will be reaching the US shores soon. The deal inked in May, was in exchange of US beef being exported to China and getting cooked chicken in return. This development came after China decided to lift its ban (imposed in 2003) on US beef, after US beef producers were locked out from accessing the huge beef loving Chinese market, due to the spreading of mad cow disease in the bovines, spurring Japan, Mexico and South Korea halting the product from entering their shores. The lifting of the beef ban was big news for US beef exporters as the greater Chinese region (included Hong Kong and Vietnam) is a $7 ...

The Dollar Business Bureau The Ministry of External Affairs(MEA) has announced that PM Narendra Modi will be attending the BRICS Summit being held at Xiamen, China. The summit will be held from September 3-5, the ministry detailed. This announcement of Modi’s visit comes as a surprise as China and India have been at loggerheads at Dokalam, though both the countries have mutually decided to end their standoff after 73 days, by withdrawing troops from Dokalam. “At the invitation of the President of People’s Republic of China, Prime Minister Narendra Modi will visit Xiamen in China’s Fujian province during September 3–5, 2017 to attend the 9th BRICS Summit,” MEA said. From China, the Prime Minister will travel to Myanmar for a state visit from September ...