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If approved by the majority of EU members by the end of 2016, the EU’s trade policy will have a significant change.
The UK has over the years said that the imposition of anti-dumping tariff on imported goods was unnecessary for fear of trade protectionism.
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| The EU’s trade policy will have a significant change. (Photo: Internet) |
However, after Brexit, a small group of countries led by the UK changed their mind, facilitating the EU to approve anti-dumping duties.
Slovak Minister of Economy Peter Ziga said, "Europe cannot be naive and must protect its interests especially when it comes to dumping."
He suggested the EU adjust its trade protection measures which have been in place for 15 years because the world market has changed deeply and comprehensively.
The European Commission, France, and Germany have calculated the dumping margins to protect domestic production, including the steel industry, whose jobs have dropped 20% from 2008.
The proposed method for calculating dumping margins is viewed as neutral and fair for both market and non-market economies.
The new method will be applied to all cases once the EU’s revised regulations on anti-dumping duties take effect.
EU Trade Commissioner Cecilia Malmstrom described the measure as important because it shows the EU’s compliance with its WTO commitments.
Analysts say the first country to be impacted may be China which the EU has accused of selling their steel products at unfairly low prices to gain its competitive edge. But there are concerns of Beijing’s trade retaliation.
On October 10, when the EU imposed anti-dumping duties on two types of steel imported from China, the Chinese Ministry of Trade said the premature steps taken such as trade protection and restriction of fair competitions are not on the right direction for the EU steel industry’s development.
One month is left until the EU members will vote on its anti-dumping duties decision.
