The European Council – representing the governments of the European Union’s 28 member states – has agreed in principle to modernize the EU’s trade defence measures. In a statement Tuesday it said the proposed regulation “amends current anti-dumping and anti-subsidies regulations to better respond to unfair trade practices. The purpose is to shield EU producers from damage caused by unfair competition, ensuring free and fair trade”.
In particular, it will address concerns from the steel industry by shortening the investigation period and enabling higher duties to be imposed in certain circumstances.
The European Commission, which proposed a series of measures to strengthen the EU’s trade defence system, welcomed the Council’s decision, saying it represented “a major step in adapting our legislation to today’s economic realities”.
Negotiations will now take place between the Council, the Commission and the European Parliament to agree and implement the changes. As Platts has reported, iron and steel products accounted for 14 of the 18 new anti-dumping investigations initiated by the EU in the January-November this year.
Henry Cooke, PLATTS