Anti-dumping duty on Indian steel pipes by EU [ Current Affairs ]
About anti - dumping duty: Anti - dumping is a measure to correct the situation arising out of the dumping of goods and for carrying out fair trade practices. It is imposed on the foreign imports that are believed to be priced lower than the market value.
- The main role of this duty is to save domestic jobs and industry under the joint World Trade Organization (WTO) system.
About European Union (EU):
- It is a politico - economic union of 28 fellow states located in Europe.
- They operate with a system of international association and inter - governmental based decisions taken by fellow states.
- The capital of EU is Brussels.
- Largest cities in EU are London and Paris.
- There are officially 24 languages spoken.
- Its population is around 508 million which constitute 7.8 % of world population.
- In 2012, it was honored with Nobel Peace Prize.
About the duty imposed on Indian Steel Pipes:
- EU has imposed anti - dumping duty of up to 31.2 % on the imports of sewage and water steel pipes from India for 6 months to protect its domestic industry.
- This decision will have a negative impact on Indian exporters of these pipes to the European Market.
- Published on: September 27, 2015