S. Korea set to impose anti-dumping duties on PET films from 3 countries
SEJONG-- South Korea is set to impose anti-dumping duties on polyethylene terephthalate (PET) films imported from Taiwan, Thailand and the United Arab Emirates, the trade commission in Sejong said Friday.
After a preliminary examination, the Korea Trade Commission (KTC) said it will recommend to the finance ministry the levying of provisional duties of 3.92-51.86 percent on the synthetic resin imported from the three countries for causing damage to the local industry.
The finance ministry is to determine whether to actually impose the punitive tariffs.
The PET film subject to the imposition is used for manufacturing snack packages and materials for liquid crystal displays.
The market for the chemical compound in South Korea was estimated at 290,000 tons in 2016 worth 1 trillion won (US$886.2 million), with products imported from Vietnam, India and Ukraine accounting for 10 percent.
"The KTC concluded that there is enough evidence of anti-dumping practices and substantial damage on the South Korean industry," the commission said in a release.
The commission will make the final decision after carrying out an on-site investigation and hearings over the next three months.
Source: Yonhap News Agency