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The Ministry of Industry and Trade, Government of Vietnam, has issued Circular No. 14/2021/TT-BCT guiding the implementation of the United Kingdom-Vietnam Free Trade Agreement (UKVFTA) on trade remedies. The circular guides the investigation and application of anti-dumping, anti-subsidy and bilateral safeguard measures on the implementation of the UKVFTA.
Anti-dumping duty or countervailing duty must not be higher than the dumping margin or subsidy level, states the circular that takes effect from December 15, 2021. The bilateral safeguard measure and the safeguard measure provided in Article XIX of the 1994 General Agreement on Tariffs and Trade may not be concurrently applied to the same imported goods eligible for preferential tariffs under the UKVFTA, the ministry said.
“The time limit for investigation for application of bilateral safeguard measures is 1 year from the date the investigation decision is issued. The duration for application of a bilateral safeguard measure must not exceed 2 years. In case the investigating agency concludes that a bilateral safeguard measure must be further applied to prevent or remedy serious damage and facilitate the adjustment of the domestic industry, the duration for application may be extended for 2 more years,” the ministry added in its circular.
The Ministry of Industry and Trade, Government of Vietnam, has issued Circular No. 14/2021/TT-BCT guiding the implementation of the United Kingdom-Vietnam Free Trade Agreement (UKVFTA) on trade remedies. The circular guides the investigation and application of anti-dumping, anti-subsidy and bilateral safeguard measures on the implementation of the UKVFTA.
In case the duration for application of a bilateral safeguard measure is longer than 2 years, such measure must be gradually loosened throughout the application of the duration.
Fibre2Fashion News Desk (RKS)
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