Government approves regulation to protect domestic industries



The government has approved Safeguards, Anti-dumping and Countervailing .

The regulation is basically aimed at protecting and promoting the local manufacturers.

The regulation allows imposing additional import tax on foreign goods that are dumped in the or are highly subsidised, which have been affecting the market of similar domestic products.

According to the Ministry of Industry, and Supplies (MoICS), the bill intends to control the import of such goods by levying countervailing duties and anti-dumping duties at the customs besides regular import duties being levied on such products.

Generally, countervailing duties (CVDs) are protectionist tariffs levied by the government on imported goods to offset subsidies given to producers of these goods in the exporting country.

ALSO READ  Locusts that recently entered the country split up

Similarly, anti-dumping duty is such tariff that the government levies on imported goods which are found priced below the fair market value of such products.

According to the ministry, the bill of the regulation had been approved in November last year. However, the formal letter from was received only recently. The bill of Safeguards Anti-dumping and Countervailing Act 209 had already been passed by the

Read the full story on The Himalayan Times

Read Previous

NTA proceeds to launch its own satellite

Read Next

Fertiliser import from Dhaka delayed

Got any Comments/ Questions?