CBIC imposed Bilateral Safeguard Duty on imports of Ferro Molybdenum from Republic of Korea

The Central Board of Indirect Taxes and Custom(CBIC) has notified the imposition of Bilateral Safeguard Duty on imports of “Ferro Molybdenum” from the Republic of Korea under India-Korea Comprehensive Economic Partnership Agreement (Bilateral Safeguard Measures) Rules, 2017 on the basis of DGTR recommendation.

In the matter concerning imports of “Ferro Molybdenum”(hereinafter referred to as the subject goods) falling under tariff item 7202 70 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act), the DirectorateGeneral of Trade Remedies (hereinafter referred to as the Authority) initiated a Bilateral Safeguard investigation in terms of the India-Korea Comprehensive Economic Partnership Agreement (Bilateral Safeguard Measures) Rules, 2017 (hereinafter referred to as the rules) vide initiation notification under F.No.22/03/2022-DGTR, dated the 30th September 2022 published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 30th September 2022 in order to determine whether the imports of the subject goods from Korea RP constitute increased imports and whether the increased imports have caused or are threatening to cause serious injury to the domestic industry.

In the final findings of the Bilateral Safeguard investigation issued vide F. No. 22/03/2022-DGTR, dated the 29th May, 2023, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 29th May, 2023, the Authority has concluded that-

(i) Imports of the subject goods from Republic of Korea have increased and constitute “increased imports” within the meaning of the rules and India-Korea Comprehensive Economic Partnership Agreement;

(ii) the increased imports have caused serious injury;

(iii) there exists a causal link between the increased imports and serious injury to the domestic industry; and recommended imposition of bilateral safeguard measure of increasing the rate of customs duty on subject goods originating in Korea RP and imported into India as specified in the aforesaid final findings, in order to remove injury to the domestic industry.

To Read More Download Official Notification Given Below: