The Cabinet of Ministers has approved to publish two draft bills on trade remedies. Accordingly, Cabinet approval has been granted to publish the draft bills for Anti – Dumping and Countervailing Duties Act, No. 2 of 2018 and the Safeguard Measures Act No. 3 of 2018 in the Government gazette notification.
Parliamentary approval will be sought for the draft bills subsequently, the Government said.
The Government said that the amendments were deemed necessary during the preparation of the Economic Transformation draft bill, highlighting the need for stronger measures to prevent dumping and counter unfair trade practices.
The Anti-Dumping and Countervailing Duties Act aims to protect local industries from unfair competition by imposing duties on foreign imports that are priced below fair market value or subsidized by their home countries.
Similarly, the Safeguard Measures Act provides a framework to protect specific domestic industries from serious injury caused by a surge in imports.
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