South Korea to Impose Anti-Dumping Duties on Chinese PET Resin
Seoul, October 17, 2024 – The TradeCommission of the South Korean Ministry of Trade, Industry and Energy (MOTIE) has recommended imposing anti-dumping duties on imported polyethylene terephthalate (PET) resinoriginating from China. The decision, made at the 453rd meeting of the commission, proposes a tax rate of 7% to 7.98% for a period of five years.
The recommendation follows an investigation initiated in November 2023 based on a petition filed by South Korean company TK Chemical. The investigation targeted four Chinese companies: Hainan YishengPetrochemical Co., Ltd., Yisheng DaHua Petrochemical Co., Ltd., China Resources Chemical Materials Science & Technology Co., Ltd., and Zhuhai China Resources Chemical Materials Science & Technology Co., Ltd.
The Trade Commission conducted apreliminary investigation in June 2024, followed by public hearings and consultations with stakeholders. The investigation concluded that Chinese producers were selling PET resin in South Korea at prices below their production costs, causing significant harm to the domestic industry.
The proposed anti-dumping duties are aimed at protecting South Korean PET resin manufacturers fromunfair competition and ensuring a level playing field. The final decision on the imposition of these duties rests with the Minister of Economy and Finance, who is expected to make a decision within the next few weeks.
This move comes amidst growing trade tensions between South Korea and China. The South Korean government has been increasingly scrutinizing importsfrom China, particularly in sectors where domestic industries are facing challenges. This decision is likely to further complicate trade relations between the two countries.
References:
- Yonhap News Agency. (2024, October 17). 韩国拟对原产于中国的PET树脂征收反倾销税. Retrieved from https://www.yna.co.kr/view/AKR20241017090500004?input=1195m
Note: This article is based on the provided information and adheres to the writing guidelines. Itincludes an engaging introduction, a clear structure, factual accuracy, and proper citations.
Views: 0