New Delhi's latest 'anti-dumping' levies mark a short-sighted measure to protect domestic firms, experts say

The agriculture sector and traders have expressed their high optimism about rice exports this year given high prices and stable markets, helping the grain remain a big foreign currency earner.

With a positive economic outlook, the Ministry of Industry and Trade aims to increase exports by 6 per cent in 2024, running a trade surplus for nine years in a row, estimated at US$15 billion.

Products sourced from various countries, including Vietnam, are expected to increase their market share in the United States amid Chinese exports to this market decreasing.

The tariffs are largely unchanged from the preliminary rates announced in August 2023, with the department implementing dumping rates of 123 percent for Chinese tin imports, 5 percent for Canadian tin imports, and 7 percent for German tin imports. However, the department also opted to set tariffs on some imported steel from South Korea, despite its preliminary determination to not do so.

In a move to shield local manufacturers from the impact of cheap imports, India has initiated a five-year anti-dumping duty on three Chinese products - wheel loaders, gypsum tiles, and industrial laser machinery.

The European Union and the US have both extended their suspension of tariffs on steel and aluminium products to allow further time to negotiate a global arrangement on such trade.

The Ministry of Industry and Trade aims to enhance trade and export promotion with key markets, maximising export opportunities and leveraging the effectiveness of Free Trade Agreements (FTAs). To achieve these goals, the industry and trade sector will exert exceptional efforts. Minister of Industry and Trade, Nguyễn Hồng Diên, discussed strategies to accomplish these tasks with VNA reporters