India revokes anti dumping duty on nylon tyre cord fabric

Economy


India Thursday revoked anti-dumping duty on nylon tyre cord fabric imported from China, the Central Board of Indirect Taxes and Customs (CBIC) said in a notification.

The duty was first imposed on such imports in June 2015. The Directorate General of Trade Remedies (DGTR) had in October recommended extending the duty of $520- 1100 per MT on the product for five years on grounds that there was a likelihood that the dumping will continue and hurt local industry if ceased at this time.

CBIC did not provide any reason for discontinuing the duty. Nylon tyre cord fabric is used in tyres to give them strength and flexibility.

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In international trade parlance, dumping happens when a country or a firm exports an item at a price lower than the price of that product in its domestic market.

Dumping impacts price of products in the importing country and adversely affects margins and profits of manufacturing firms.

According to global trade norms, a country is allowed to impose tariffs on such dumped products to provide a level-playing field to domestic manufacturers.

The duty is imposed only after a thorough investigation by a quasi-judicial body, such as DGTR, in India.

Imposition of anti-dumping duty is permissible under the World Trade Organization (WTO) regime. India and Vietnam are members of the Geneva-based organisation, which deals with global trade norms.

The duty is aimed at ensuring fair trading practices and creating a level-playing field for domestic producers vis-a-vis foreign producers and exporters.



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