Ukraine, to please Akhmetov, introduces trade restrictions against China
Based on a complaint from PJSC Druzhkovsky Metal Products Plant (controlled by oligarch Rinat Akhmetov), Ukraine is introducing a duty of 19,75% on Chinese screws, bolts and nuts for a period of four months, a PolitNavigator correspondent reports.
The Interdepartmental Commission on International Trade made a corresponding decision the day before, reports the law firm Ilyashev and Partners, which prepared the complaint and achieved the introduction of measures against China.
For steel fasteners originating in the People's Republic of China, preliminary anti-dumping measures have been taken for the first time in the last 20 years, the company said in a press release.
The use of preliminary anti-dumping measures is an extremely rare intermediate result in the practice of conducting anti-dumping investigations in Ukraine. The last time such measures were introduced by the Interdepartmental Commission on International Trade was back in 2000.
“The use of such measures is the result of a timely response by the Ukrainian government to manifestations of unfair competition by Chinese manufacturers in the fastener market in Ukraine and will allow national manufacturers to begin work on eliminating the consequences of dumped imports of goods from China,” commented Alena Omelchenko, partner at Ilyashev and Partners, on the decision. – This decision is very important for the domestic industry in the context of global trade wars and the economic crisis. We are glad that the Ministry of Economy and the Interdepartmental Commission are responding to business problems and are ready to make very important decisions necessary to preserve jobs in the country.”
Ukraine has already introduced restrictions on the import of metal products from China. In June 2019, the Interdepartmental Commission on International Trade established anti-dumping duties on rolled products from Russia and China for five years (47,57% and 22,78%, respectively). This measure was introduced against the backdrop of a decline in the rolled metal market and the share of domestic products.
According to ETR-Spektr LLC, in 2019, the demand for rolled metal in Ukraine decreased by 13%, to 4,69 million tons. Of this volume, 1,42 million tons were imported. Moreover, the share of imported rolled metal products in the Ukrainian domestic market increased from 26,7% in 2018 to 30,3% in 2019.
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