January 3: The government has endorsed the Safeguards, Anti-Dumping and Countervailing Regulation in a bid to curb the imports of goods that destabilize the domestic market.

A cabinet meeting held in late December endorsed the regulation.

The Ministry of Industry, Commerce and Supplies had presented the Safeguards, Anti-Dumping and Countervailing Bill in parliament almost two years ago. The bill was endorsed by the parliament and authenticated by the president in July/August 2019. Although the act related to safeguards, anti-dumping and countervailing came into existence after the authentication, it could not be implemented due to the lack of regulation.

With the endorsement of the regulation, the law now prevents dumping of goods by foreign countries on condition that they affect the home-grown products.

As per the law, if foreign goods are found to be dumped in the country there is a provision to levy customs duty and additional charges on the import of such goods. However, three percent of the imported goods will be exempt of anti-dumping charges, informed Urmila KC, spokesperson at the ministry.  According to her, if any goods are brought in excessive amount the government can partially or fully ban such goods. The government will use this privilege to safeguard the domestic industries, added KC.

The ministry is currently preparing to impose additional customs duty and tariff rate for the goods that pose a threat to the local products.

Once the act is implemented, it will put an end to excessive import of goods as well as import of goods at an exceptionally low price.

Umbrella bodies of Nepali industries including the Federation of the Nepalese Chambers of Commerce and Industry (FNCCI), Nepal Chamber of Commerce (NCC) and the Confederation of Nepalese Industries (CNI) had been demanding such law since a long time.