South Korea set to extend duties on PET film imports

06/04/2012 12:00 - 391 Views

SEOUL, March 29 (Yonhap) -- South Korea's trade commission said Thursday it has decided to extend anti-dumping tariffs on Chinese and Indian wrapping film for three more years to protect local manufacturers.

The decision by the Korea Trade Commission (KTC) calls for anti-dumping duties of 5.87-25.32 percent to be levied on polyethylene-terephthalate (PET) film made by the two Asian countries.

The latest move comes after Seoul imposed anti-dumping duties of 5.67-25.32 percent on PET films from the same countries since October 2008.

"The local industry is in the process of recovering from damage with improved sales and profits, but if punitive measures to correct unfair price undercutting are discontinued, it could lead to problems," the KTC said in a statement. The commission said it will soon ask the Ministry of Strategy and Finance for final approval of the anti-dumping duties.

PET film is widely used in package wrappers, bottle caps and has various other industrial applications.

The local market stood at 918.2 billion won in 2010, with 74.4 percent of the product being made in the country.

2012/03/29 06:00 KST

Source: english.yonhapnews.co.kr