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Russia to be treated as market-economy under changed rules
New Delhi, Nov 11: Coinciding with Prime Minister Atal Bihari Vajpayee`s ongoing visit to Moscow, India has taken a step forward in promoting bilateral trade by giving market economy status to Russia.
Russia, hitherto treated as non-market economy, has been given the market economy status by amending relevant customs tariff rules.
The notification changing the definition is also expected to benefit several other countries including China and CIS nations which would now be treated as market economies.
According to the notification, any country which has been treated as a market economy by any WTO member in any anti-dumping investigation will now be treated as a market economy. This would automatically pave the way for Russia to be treated as a market economy as European Union has already given that status to Moscow.
Market economy status ensures that the designated authority in India will have to rely upon the data provided by exporting countries for determining injury to Indian companies because of imports.
As per earlier rules, any country which had been treated as a non-market economy country for the purpose of anti-dumping investigation by the designated authority or by the competent authority of any WTO member country during three years period preceding the investigation was treated as a non-market economy country.
Bureau Report
The notification changing the definition is also expected to benefit several other countries including China and CIS nations which would now be treated as market economies.
According to the notification, any country which has been treated as a market economy by any WTO member in any anti-dumping investigation will now be treated as a market economy. This would automatically pave the way for Russia to be treated as a market economy as European Union has already given that status to Moscow.
Market economy status ensures that the designated authority in India will have to rely upon the data provided by exporting countries for determining injury to Indian companies because of imports.
As per earlier rules, any country which had been treated as a non-market economy country for the purpose of anti-dumping investigation by the designated authority or by the competent authority of any WTO member country during three years period preceding the investigation was treated as a non-market economy country.
Bureau Report