Seoul: Trade and customs authorities held their inaugural anti-dumping committee meeting on Wednesday, focusing on strategies to protect domestic industries and encourage fair trade, officials announced. The Korea Trade Commission (KTC) and the Korea Customs Service (KCS) co-hosted the meeting to address key issues surrounding anti-dumping measures and explore joint strategies to improve their effectiveness, as stated in an official press release.

According to Yonhap News Agency, anti-dumping duties are applied when imported products are priced below fair market value, posing a threat to local industries. These duties aim to bridge the price gap, thus safeguarding local businesses from unfair competition. During the meeting, the KTC presented findings from monitoring efforts, which were based on import data provided by the KCS, highlighting recent major case investigations.

The KCS shared results from a special enforcement campaign conducted this year, which revealed that 19 companies were involved in evading anti-dumping duties, resulting in a loss of 42.8 billion won (US$29.1 million). Additionally, the customs agency offered insights from the enforcement of anti-dumping tariffs and sought the KTC's collaboration on proposed amendments to anti-dumping regulations and related institutional improvements.