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Monitoring import surges, etc... Cooperation in preparing measures to improve the anti-dumping duty system
The Korea Chemical Industry Association announced that it signed a 'Business Agreement (MOU) for the Protection of Domestic Industries and the Establishment of Fair Trade Order' with the Korea Customs Service at the association's building in Jongno-gu, Seoul, on the 16th.
This agreement aims to protect domestic chemical companies, which are facing difficulties due to oversupply in the global chemical industry and the increasing inflow of low-priced imported products, from unfair trade practices. Officials from major chemical companies, including Hanwha Solutions, LG Chem, and TK Chemical, attended the signing ceremony.
Through this business agreement, both organizations decided to share import trend monitoring information, such as import surges and unusual trends, and risk information related to chemical products, such as anti-dumping duty evasion. They also agreed to cooperate in preparing measures to improve the operation of the anti-dumping duty system.
In particular, both organizations will regularize working-level consultations for the prevention and response to unfair trade practices and operate an information-sharing hotline around the clock. They plan to promptly detect and address signs of circumvention imports or dumping.
Customs Commissioner Lee Jong-wook stated, "We will thoroughly block unfair practices such as low-price dumping and illegal circumvention imports that cause severe damage to the chemical industry, thereby supporting our companies to grow with confidence."
Eom Chan-wang, the association's Executive Vice Chairman, said, "We expect this business agreement to support the strengthening of the domestic chemical industry's trade response capabilities."
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