Minister of Trade Tarek Kabil - File Photo
CAIRO – 26 September 2017: Minister of Trade Tarek Kabil extended Tuesday the period of applying the temporary anti-dumping duties on the rebar iron imported from China, Turkey and Ukraine for two months.
The duties will increase by 17 percent of the cost insurance and freight (CIF) on the Chinese imports, 10-19 percent of CIF on the Turkish imports and 15-27 percent of CIF on the Ukrainian imports, the statement said.
The already issued decision for the temporary anti-dumping duties on rebar iron imported from said destinations was set for a period of four months until October 6, 2017.
The resolution is one of the ministry's strategic principles 2020 that include protecting, supporting and promoting local industry, in addition to setting regulations for imports and confronting the random importing idea.
The decision had some positive results, including saving foreign currencies utilized in importing iron, which is locally available with large volume.
The local market produces 12.5 million tons of iron annually and consumes 8.5 million tons, which means that there is a surplus of 4 million tons of iron every year.
Moreover, the resolution helped in lowering the trade balance, where it dropped 48 percent during the first four months of this year through increasing exports to record $7.438 billion in all the economic sectors.