Vietnam excludes RI steel products from safeguard duty
Tuesday, August 23 2016 - 02:06 AM WIB
The Indonesian Ministry of Trade said in a statement Monday that the new ruling on the safeguard duty was announced by Vietnam at the World Trade Organization last month.
The safeguard duty policy, to be applied for a four-year period, effective March 22 of this year, was introduced following intensive study since late last year triggered by complaints from Vietnamese domestic steel makers in the wake of massive import particularly from China, which has seen over production capacity.
The statement said that as import from Indonesia only accounted for less than 3 percent of total import of the products by Vietnam, Indonesia is excluded from the safeguard duty as stipulated under the WTO?s Agreement on Safeguard.
According to data of the Indonesian Central Statistics Agency (BPS), as cited by the Ministry of Industry statement, Indonesia?s export of certain semi-finished and finished products of alloy and non-alloy steel to Vietnam last year reached US$126,000 or 133 tons.
Editing by Reiner Simanjuntak