Sri Lankan government to introduce Anti Dumping and Safeguard Measures Bills
The parliament of Sri Lanka is to be presented with two bills – one to provide for the conduct of investigations and the application of safeguard measures on products imported into the country while the other would provide for the investigation and imposition of Anti-Dumping and Countervailing duties on imported products.
According to reports, the Safeguard Measures Bill and the Anti-Dumping and Countervailing Duties Bills have been published in the Gazette prior to being tabled in Parliament.
Cabinet approval for the legislation was granted one year ago following a joint proposal made by Minister of Industry and Commerce Rishad Bathiudeen and Minister of Development Strategies and International Trade Malik Samarawickrema.
The Anti-Dumping and Countervailing Duties Bill contains provisions for the imposition of “Anti-Dumping Taxes” against the introduction of imported goods to the local market at a lower price than their actual value and “Countervailing Taxes” against the entry into the local market of imported goods at unusually low prices due to the various concessions granted by foreign governments.
The bill is expected to deal with unfair trade practices carried out by certain countries and protect local industries and manufacturers from the goods imported to Sri Lanka without control.
The Safeguard Measures Bill on the other hand will provide for the conduct of investigations and the application of safeguard measures on products imported into Sri Lanka.
The new legislation is in keeping with Sri Lanka’s obligation under the General Agreement on Tariffs and Trade of which Sri Lanka is one of the original contracting parties from 1947.
The GATT 1994, which is based upon the text of GATT 1947 which was signed in April 1994, includes among others the Agreement on Safeguards and on Subsidies and Countervailing Measures.
The two bills have already been gazetted by the Minister of Industry and Commerce.
OSL take:
The Safeguard Measures Bill and the Anti-Dumping and Countervailing Duties Bills are two important pieces of legislation that would help build investor confidence in Sri Lanka. The safety measures once in place would provide a safety net for the country’s businesses as well as entrepreneurs.
| Article Code : | VBS/AT/17/10/2017/Z_2 |