The Philippines urged to remove Vietnamese steel investigation

16/07/2020 12:00 - 29 total view

The import turnover of Vietnamese steel products to the Philippines accounts for a small proportion of overall revenue and therefore the products should be excluded from the safeguard measures imposed by the island state, according to the Trade Remedies Authority of Vietnam.

The Trade Remedies Authority of Vietnam under the Ministry of Industry and Trade on July 13 sent a letter to the Philippine Department of Trade and Industry in which they expressed their concerns over the department’s initiation of a safeguard investigation. These measures relate to several imported steel products, including galvanised steel, aluminum and zinc-coated steel, along with colour-coated steel sheets.

The Trade Remedies Authority of Vietnam has therefore asked the investigation agency of the Philippines to strictly abide by conditions as they initiate their investigation and apply safeguard measures that fall in line with the Agreement on Safeguards set by the World Trade Organization.

According to the latest import figures released, the Trade Remedies Authority of Vietnam has stated that the import turnover of Vietnamese steel products to the South East Asian nation makes up only a small proportion and the products are therefore eligible to be excluded from safeguard measures imposed by the Philippines.

The Trade Remedies Authority of Vietnam said it will work closely with the Vietnamese Embassy, the country’s Trade Office in the Philippines, the Vietnam Steel Association, and local firms in the near future in order to closely monitor developments in the case. It will also be prepared to conduct necessary activities aimed at protecting the legitimate rights and interests of domestic businesses.
Source: VOV