KITA News and Reports
  • Protectionism Started from US, Companies’ Early Proactive Responses Are Crucial
    2018-03-21

    Protectionism Started from US, Companies’ Early Proactive Responses Are Crucial

    - KITA held 'The Latest Trade Issues and Korean Companies’ Response Strategy', and asked to utilize import regulation support center -

     

    Je Hyun-jung, a deputy general manager at the Center for Trade Studies and Cooperation of the Korea International Trade Association, stressed, "Since the United States is likely to continue to practice its trade remedies for the time being, Korean companies are required to identify the damages that the US industry is claiming as quickly and accurately as possible and be proactively respond to the claims."

     

    The deputy general manager Je Hyun-jung participated in the seminar titled 'The Latest Trade Issues and Korean Companies’ Response Strategy', hosted by the Korea International Trade Association (Chairman, Kim Young-joo), as the first speaker and explained the background of the recent trade remedies of the United States and specific cases, and forecast the trade environment of this year.

     

    On this occasion, the deputy general manager Je Hyun-jung said "Corporations, the government and the related organizations need to jointly respond to trade protectionism started from the United States. However, since corporations are responsible for the direct response to the import regulations, the companies must carefully monitor the competitors’ attempts to take any legal actions in order to avoid lawsuits." The deputy manager also stated During the course, the companies are able to have supports, including identifying the history of import regulations of the United States as well as consultation for antidumping procedures, through the import regulation support center (http://antidumping.kita.net) run by KITA. 

     

    An accountant Kim Kyung-hwa, the second speaker, said, "Some of the provisions amended in the US Trade Preferences Extension Act in 2015 have increased the discretion of the investigative authorities of the United States. As a result, the level of anti-dumping regulations has increased and the dumping investigation process has become stricter. Korean companies should be precisely aware of the US Department of Commerce practices and thoroughly prepare the required data so that investigators can easily understand the manufacturing and sales process of the products under investigation."

     

    Dr. Heo Nan-yi at the International Trade Department in the law firm Lee & Ko elaborated the amended contents of the EU Anti-Dumping Law which entered into force last November and the things to pay attention for Korean companies.

    Nam Jin-young, an accountant at Yoon&Yang LLC, explained the recently explained the details of recent case of Japan imposing high rate of customs duties on the Korean pipe connectors and requested Korean companies to be prepared.

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