A supplementary paper, adding further details on lesser duty rule, public interest test, defining the domestic producer and economic tools for identifying injury. A robust, WTO-compliant trade remedy regime is a vital element of any successful manufacturing economy. Producers need to have recourse to prompt and effective protection from trade shocks as well as from unfairly traded, injurious imports if they are to survive and thrive in an increasingly competitive world.
As we stated in our original paper published in March, trade defence measures have been an integral part of the rules-based WTO system from its very inception in 1947. The shelter they provide has enabled nations to reduce tariffs and eliminate trade barriers, secure in the knowledge that they can act to defend their industries if the need arises. They have thus helped drive the trade liberalisation agenda. It is therefore mistaken to view (for example) anti-dumping measures as being in some way “protectionist”. On the contrary, provided measures comply with the letter and spirit of the WTO rules, they are a key component of a liberal trade regime. Furthermore, by aiding the maintenance of a diverse supply base, such measures can help ensure that UK consumers, in this era of globalisation, retain access to competitively priced goods well into the future. This supplementary paper aims to aid ongoing discussions with Government, by adding further details around four areas that UK Steel set out in our earlier paper. Namely, lesser duty rule, public interest test, defining the domestic producer and economic tools for identifying injury.
Read the full paper for the steel sector view.