EU imposes new duties on Iran, Pakistan, UAE
The European Union imposes new duties on plastics from Iran, Pakistan and the United Arab Emirates.
BRUSSELS:
The European Union (EU) imposed new duties on plastics from Iran, Pakistan and the United Arab Emirates (UAE) on Wednesday, saying the three were illegally subsidising exports to Europe’s growing soft drinks market.
The decision means polyethylene terephthalate from Iran, Pakistan and the UAE, used for bottles and food packaging, will face EU import duties of €139.70, €44.02 and €42.34 per ton respectively until 2015.
“In view of the magnitude of the counter-available subsidies found and in the light of the level of the injury caused to the (European) Union’s industry, it is considered necessary” to launch the new tariffs, the European Commission, the EU’s executive arm, said in the official journal.
The duties are valid for up to five years and reflect Europe’s concern that EU industry is falling behind oil-rich states with competitive and booming plastics markets.
European citizens bought about 100 billion plastic bottles last year, one in five bottles sold worldwide, creating a three billion euro ($3.9 billion) market for plastic.
Published in The Express Tribune, September 30th, 2010.
The European Union (EU) imposed new duties on plastics from Iran, Pakistan and the United Arab Emirates (UAE) on Wednesday, saying the three were illegally subsidising exports to Europe’s growing soft drinks market.
The decision means polyethylene terephthalate from Iran, Pakistan and the UAE, used for bottles and food packaging, will face EU import duties of €139.70, €44.02 and €42.34 per ton respectively until 2015.
“In view of the magnitude of the counter-available subsidies found and in the light of the level of the injury caused to the (European) Union’s industry, it is considered necessary” to launch the new tariffs, the European Commission, the EU’s executive arm, said in the official journal.
The duties are valid for up to five years and reflect Europe’s concern that EU industry is falling behind oil-rich states with competitive and booming plastics markets.
European citizens bought about 100 billion plastic bottles last year, one in five bottles sold worldwide, creating a three billion euro ($3.9 billion) market for plastic.
Published in The Express Tribune, September 30th, 2010.