EU MOVES TO CUT STEEL TRADE FRAUD LOOPHOLE IN SOUTH KOREA
April 1st, 2010
BY KEITH NUTHALL
THE EUROPEAN Commission has proposed erasing a trade loophole that has enabled Chinese exporters to the European Union (EU) of steel ropes and cables to evade an anti-dumping duty by illicitly diverting supplies through South Korea. It has asked the EU Council of Ministers to extend the Chinese 60.4% duties to cover steel ropes and cables exported from South Korea - regardless of whether they are South Korean-made. Meanwhile, Brussels has dropped moves to extend the duties to Malaysian steel ropes and cables.
ENDS
THE EUROPEAN Commission has proposed erasing a trade loophole that has enabled Chinese exporters to the European Union (EU) of steel ropes and cables to evade an anti-dumping duty by illicitly diverting supplies through South Korea. It has asked the EU Council of Ministers to extend the Chinese 60.4% duties to cover steel ropes and cables exported from South Korea - regardless of whether they are South Korean-made. Meanwhile, Brussels has dropped moves to extend the duties to Malaysian steel ropes and cables.
ENDS
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