Technology

EP agrees to impose higher tariffs on non-EU imports

BRUSSELS,The European Parliament (EP) Wednesday agreed on measures to Impose higher tariffs on dumped or subsidised imports from non-European Union (EU) countries to better protect EU jobs and businesses.

The agreed measures target unfair trade practices from non-EU countries and complement the recently approved anti-dumping rules focusing on non-EU countries that interfere heavily in the economy, said an EP press release.

Under the new rules, all products arriving into the EU will be strictly monitored from the moment when an investigation is notified until its actual start and registered to avoid stockpiling.

Continental shelves and economic exclusive zones (sea zones, mainly used for energy production) will also be covered by the regulations, to close loopholes.

Core international labour and environmental standards have to be met in the exporter country before common undertakings can be agreed upon with non-EU businesses.

A minimum profit target for European businesses would be included into the calculation of duties.

“This long-overdue modernisation future-proofs our trade defence system. We live in tumultuous times and European workers and manufacturers are facing unfair trading practices that take many forms. We are giving our industries the right tools to protect jobs in Europe and ensure that trade takes place on a fair basis”, said Chair of the EP’s International Trade Committee, Bernd Lange.

The new law enters into force on the day after its publication in the EU Official Journal, expected in the first half of June 2018.

Source: Kuwait News Agency