WTO rejects US new import duty on Indian seafoods

11/03/2008 12:00 - 897 Views

KOCHI: The move to impose additional customs bond by the US on Indian seafood products has been ruled out by World Trade Organisation (WTO).

The US had been pursuing WTO in this regard but a dispute settlement panel of WTO has ruled in favour of India’s plea against imposition of additional 100 percent customs bonds by the US on Indian shrimp imports to that country, said an industry official.

Besides the anti dumping duty on seafood products from India, which was raised to 10.54 percent in August 2004, should be lowered to 1.09 percent, he said.

There was a sharp decline in shrimp exporters from India to US, which stood at 280 then had dwindled to a mere 68 by the end of this January due to the new rules imposed by the US, he said.

The customs bond is a surety guaranteeing that the importer will abide by all laws and regulations governing the import of merchandise into the US.

2008-03-06 12:50:00

Commodity Online

Source: www.commodityonline.com