At a plant in VSIP Haiphong Urban Industrial Park (Photo: VNA) Hanoi (VNA) - The European Commission (EC) has announced the possibleextension of safeguard measures applicable to imports of certain steelproducts, including some from Vietnam, according to the Trade RemediesAuthority of Vietnam under the Ministry of Industry and Trade.
Earlier,on February 1, 2019, the EC imposed a definitive safeguard measure on certainsteel products. The measure currently in force consists of a tariff ratequota, based on historical imports, applicable to 26 product categories.Where the relevant tariff-rate quota is exhausted, an additional duty of 25 percentis levied.
Thesafeguard measure was imposed for an initial period of three years, until June30, 2021.
Accordingto the EC’s notice, it received a substantiated request by a numberof member states to examine whether the current safeguard measure should beextended.
Therequest contains evidence suggesting that the safeguard measure continue to benecessary to prevent or remedy serious injury. The request argues that the riskof trade diversion continues and if the measure was lifted, the industrywould face a flood of imports that would have a very negative impact on itseconomic performance.
Accordingly,the investigation will focus on its assessment, notably, on whether thesafeguard measure continues to be necessary to prevent or remedy seriousinjury, whether there is evidence that union producers are adjusting andwhether a prolongation would be in the union's interest. The investigation willalso determine the appropriate duration of the extension (if any).
Adetermination was expected to be made by June 30 at the latest.
According tothe Trade Remedies Authority of Vietnam, among Vietnam’s steel productsexported to the EU, four product categories are currently subject to thesafeguard measure in the form of a tariff rate quota, including non-alloy andother alloy cold rolled sheets, organic coated sheets, stainless cold rolledsheets and strips and seamless tubes.
The Trade RemediesAuthority of Vietnam urged relevant industry associations and manufacturers tomake submissions to the EU as requested, adding that close watch would be kepton the investigation to provide updates and raise actions to protect thelegitimate rights of Vietnam’s steel industry.
According tothe Vietnam Steel Association, Vietnam’s steel export to the EU accounted forjust around four percent of Vietnam’s total steel exports in recent years.
Customsstatistics showed that Vietnam exported 9.86 million tonnes of steel in 2020,worth around 5.26 billion USD./.
Earlier,on February 1, 2019, the EC imposed a definitive safeguard measure on certainsteel products. The measure currently in force consists of a tariff ratequota, based on historical imports, applicable to 26 product categories.Where the relevant tariff-rate quota is exhausted, an additional duty of 25 percentis levied.
Thesafeguard measure was imposed for an initial period of three years, until June30, 2021.
Accordingto the EC’s notice, it received a substantiated request by a numberof member states to examine whether the current safeguard measure should beextended.
Therequest contains evidence suggesting that the safeguard measure continue to benecessary to prevent or remedy serious injury. The request argues that the riskof trade diversion continues and if the measure was lifted, the industrywould face a flood of imports that would have a very negative impact on itseconomic performance.
Accordingly,the investigation will focus on its assessment, notably, on whether thesafeguard measure continues to be necessary to prevent or remedy seriousinjury, whether there is evidence that union producers are adjusting andwhether a prolongation would be in the union's interest. The investigation willalso determine the appropriate duration of the extension (if any).
Adetermination was expected to be made by June 30 at the latest.
According tothe Trade Remedies Authority of Vietnam, among Vietnam’s steel productsexported to the EU, four product categories are currently subject to thesafeguard measure in the form of a tariff rate quota, including non-alloy andother alloy cold rolled sheets, organic coated sheets, stainless cold rolledsheets and strips and seamless tubes.
The Trade RemediesAuthority of Vietnam urged relevant industry associations and manufacturers tomake submissions to the EU as requested, adding that close watch would be kepton the investigation to provide updates and raise actions to protect thelegitimate rights of Vietnam’s steel industry.
According tothe Vietnam Steel Association, Vietnam’s steel export to the EU accounted forjust around four percent of Vietnam’s total steel exports in recent years.
Customsstatistics showed that Vietnam exported 9.86 million tonnes of steel in 2020,worth around 5.26 billion USD./.
VNA
