Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* After 17 years in the works Sri Lanka enacts anti-dumping laws
Fri, Mar 9, 2018, 12:58 pm SL Time, ColomboPage News Desk, Sri Lanka.

Mar 09, Colombo: After a 17 year long pursuit, Sri Lanka has finally enacted two landmark pieces of legislation that significantly advances the country's standing in global trade, Minister of Industry and Commerce Rishad Bathiudeen said.

With this move, Sri Lanka also joins the league of WTO members who keenly look to offset possible adverse impacts on their domestic industries from trade liberalization processes.

Minister Bathiudeen in an earlier occasion has said that Sri Lankan industries appear to be worried about impacts of FTAs and dumping and assured that the government will not enter into such agreements without consulting local industries.

He said Department of Commerce under his Ministry was looking at new steps on anti-dumping and planning to present the draft Anti-Dumping Bill to the Parliament.

The Anti-Dumping & Countervailing Duties and Safeguard Measures were passed by the Sri Lankan Parliament on 07th March 2018.

The enactment of the two pieces of legislation is a milestone development and an initiative taken by the Department of Commerce to fulfil the considerable need felt by the trade and domestic industry to protect themselves against unfair trading practices and unforeseen surges of imports.

Nearly 76% of the present WTO membership has already introduced their domestic legislations at least in one area of contingent trade remedies (Anti-Dumping or Subsidies and Countervailing, or Safeguard Measures).

These two new Bills will empower the Director General of Commerce of the Department of Commerce to initiate investigations relating to unfair business practices under these legislative provisions of Trade Remedy law and effect additional duties, countervailing duties, safeguard action against imports which enter the country under unfair business practices. A high powered committee consisting of senior officials and ministers of relevant line Ministries would also be involved in the process.

Since 2001, Ministries relevant for international trade and commerce sectors have worked to draft bills on Anti-Dumping and Countervailing Duties and Safeguard Measures. The bills were presented to the Parliament in January 2006 for the first time after obtaining Cabinet approval.

The Business community pointed out the necessity to enact such legislation as a remedy to deal with, in particular unfair trade practices, such as dumping and subsidization by certain countries and safeguard the domestic industry from unforeseen surge of imports.

After much discussions and revisions the amended bills were published in the Government Gazette on 9th October 2017 and presented to the Parliament for necessary action. The Parliament passed the two new bills on Anti-Dumping and Countervailing Duties and Safeguard Measures on 07th March 2018.

 

ColomboPage - Recent 10 Stories ::
Suranga Lakmal to Captain Sri Lanka in the 3rd Test match against West Indies
PAYable takes home highest number of awards at SLASSCOM Innovation Summit
Senior immigration officer arrested smuggling gold fined Rs. 3 mn
Three suspects in Matara jewellery store heist remanded, main suspect killed
Sri Lanka to introduce an e-Health card for all
4th International Day of Yoga celebrated in Sri Lanka
Sri Lanka Army urges public not to be misled by rumors on 'army withdrawals' from North and East
Senior immigration officer arrested with Rs. 36 million worth gold
Over 1000 applications per month for dual citizenship
Main suspect in Matara Jewellery robbery killed in retaliatory attack

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.