The permanent committee to fight
market flooding has submitted two draft bills on anti-dumping to the
higher authorities for approval.
Both the bills aim
at protecting national industries in the light of the recent slashing
of customs duties for imported goods to 5 percent.
However, a 20 percent customs duty can be charged where the
national industries need to be protected.
undersecretary for technical matters at the Commerce Ministry and head
of the permanent committee for fighting market flooding, said the
proposed bills seek to boost confidence in the national economy while
they put in place measures to minimize damage to national industries.
also seek to create an investment climate to attract more foreign
investments apart from stopping capital drain from the country and
bringing back Saudi investments abroad.
The bill will
enable local manufacturers to legally tackle the challenges posed by
the flooding of local markets with cheaper foreign goods. The
regulations deal with the consequences of dumping policies adopted by
certain countries, Al-Alami said.
committee set up under the directives of a ministerial committee
headed by Foreign Minister Prince Saud Al-Faisal will handle
complaints against any producer flooding the local markets. Complaints
from local manufacturers whose products have a share of more than 50
percent in the local market will be entertained.
should accompany, according to the new regulations, necessary
information to prove that the flooding of a particular commodity has
caused losses to the local manufacturers. Name of complainant,
description of the item which is adversely affected, name and batch of
the imported item, their countries of origin, lists of exporters or
manufacturers of the commodity and its local importers, should also
accompany the complaint.
manufacturer flooding the market has to pay compensation which will be
determined after assessing the extent of loss caused to the local
industry. It will be the difference between the price of the product
in the country of origin and the price in the local market. The
committee’s decision can be challenged by the importer or the
exporter in the Court of Complaints, according to the proposed