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News: Finance Minister, in her budget speech has said that the government was abolishing an anti-dumping duty that was levied on imports of Purified Terephthalic Acid (PTA)
Facts:
About Purified Terephthalic Acid
- It is a chemical used to make various products, including polyester fabrics.
- It makes up for around 70-80% of a polyester product like polyester staple fiber and spun yarn
- The anti-dumping duty on PTA was imposed after two domestic manufacturers, approached the Directorate General of Trade Remedies (DGTR) in 2013.
Additional Information:
Anti-Dumping Duty: It is a protectionist tariff that a domestic government imposes on foreign imports that it believes are priced below fair market value.
Directorate General of Trade Remedies:
- It was established in 2018 and functions under the Ministry of commerce and industry.
- It subsumed the Directorate General of Anti-dumping and Allied Duties, Directorate General of Safeguards and some functions of the Directorate General of Foreign Trade.
Functions:
- Administer all trade remedial measures including anti-dumping, countervailing duties and safeguard measure.
- Provide trade defense support to the domestic industry and to exporters in trade remedy investigations instituted by other countries.
