Indian commerce ministry recommends hike in import duty on Korean synthetic rubber for 2 yrs
India commerce ministry has recommended an increase in import duty on a Korean synthetic rubber, used in tyre making, for two years in order to guard domestic industry from significant jump in inbound shipments of the product, according to a notification.
The ministry's investigative arm Directorate General of Trade Remedies (DGTR) has recommended the increase in customs duty after concluding in its probe that increased imports of 'Polybutadiene Rubber' have caused "serious injury" to the domestic industry.
Reliance Industries Ltd had filed the application before the directorate in accordance with a free trade agreement (FTA) between India and South Korea for initiation of bilateral safeguard investigations concerning increased imports of this rubber. The probe was started in November last year.
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