Cambodian parliament passes draft law on anti-dumping

13/10/2017 12:00 - 14 total view

The National Assembly of Cambodia on Thursday adopted a draft law on anti-dumping, which was designed to shield domestic producers from the impact of dumping by foreign exporters.

Sixty-seven lawmakers of the ruling Cambodian People's Party (CPP), including Prime Minister Samdech Techo Hun Sen, unanimously approved the bill, as all lawmakers of the opposition Cambodia National Rescue Party (CNRP) boycotted the session in protest against the arrest last month of their leader Kem Sokha, who was charged with "treason."

"The law is aimed at protecting domestic producers from the impact of dumping by foreign exporters," Commerce Minister Pan Sorasak told the parliament. "It will also be a shield to protect both domestic and foreign investors in Cambodia."

Comprised of six chapters with 45 articles, the law would ensure a fair competition atmosphere between domestic producers and foreign producers, the minister said, adding that it would also allow the government to raise tariffs or restrict imports to counteract the dumpers.

"Dumping" is a form of predatory pricing, where foreign exporters sell goods below costs into a country with an aim of driving domestic producers out of business. Once the domestic producers go bankrupt, the dumpers can increase prices and recoup their losses.

Source: Xinhua