Financial Daily from THE HINDU group of publications
Friday, Mar 29, 2002

News
Features
Stocks
Port Info
Archives

Group Sites

Industry & Economy - Anti-dumping


Dumping charge on PET -- Futura Polymers gives undertaking to EU

M.R. Subramani

CHENNAI, March 28

THE Chennai-based Futura Polymers has given a price undertaking to the European Community after it was found ``dumping'' polyethylene terephthalate (PET) into the European Union.

The price undertaking means that Futura Polymers will not export to the EU below a fixed price. Futura Polymers is a subsidiary of Indian Organic Chemicals Ltd (IOCL), producing PET resins and preforms.

The EU has accepted the undertaking by the Chennai-based firm under an anti-dumping provision and agreed not to levy any duty.

The EU had found that a duty of euro 161.1 per tonne could be levied on PET exports by Futura Polymers.

PET exports by several Indian firms to the EU currently attract euro 187.7 per tonne anti-dumping duty and euro 41.3 to 84.6 per tonne countervailing duty since August 2000.

Futura Polymers came under the scanner after it sought a `new exporter review', claiming that it was not among the exporters found dumping PET and that it had not shipped any consignments during the probe period (between October 1998 and September 1999).

Following the firm's application for review, the EU launched an investigation on exports from April 1, 2000 to March 31, 2001.

This led to the finding that the Chennai firm was also dumping PET. However, the EU found out that there was no case to levy either countervailing or anti-subsidy duty against these exports.

Following the findings, Futura Polymers gave the price undertaking and agreed to allow effective monitoring by the EU.

The advisory committee of the EU agreed to accept the undertaking as it felt it would eliminate "injurious imports" into the member-countries.

Send this article to Friends by E-Mail

Stories in this Section
Dumping charge on PET -- Futura Polymers gives undertaking to EU


Chambers positive on TN Budget proposals
TN Budget: Industry welcomes proposals
TN Budget -- But not all see it that way
Anti-dumping duty on caustic soda imports
`Colour TVs, ACs to drive consumer durables sector'
Rs 840-cr credit outlay for Dakshina Kannada district
Kerala: Panel go-ahead for external aid
Greenpeace flays Govt's go-ahead to Bt cotton
Market complex in Aluva
Naik to take up petroleum product pricing with Sinha
RPL signs deals with oil PSUs
AP Power tariff hike draws more flak
EU steel safety frames collapse before WTO policy
Garment industry resents hike in sales tax rates
DRDO stance puts SMEs in tight spot
Water scarcity in Kochi
CIL shortlists 98 new projects for 10th Plan
POTA fact-sheet
Shielding kids from idiot box violence
New Telugu pay channel soon
Kerala: Cardiac centre opening on April 1
Differential tax on imported goods -- Knitwear makers fear hike in output costs
Sterlite's public offer price can be higher than Rs 40.50
CCD clears 51% stake sale in Engineers India
The game-plan behind Hind Zinc buy
Gas supply to Gandhar, Nagothane plants -- IPCL, ONGC to work out pricing formula
VRS before sale of Chef Air, Delhi Centaur
CDP among 17 FDI clearances
FDI norms for films eased
`Biotechnology needs more VC funding'
Discussion on entrepreneurship
FICCI seminar on Finance Bill implications
Charitable tax breaks
Growth plan for exports under study
Karnataka set to do a Kerala in tourism
Kumarakom emerges as major tourist draw
Travel Mart in October


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line