Prime Minister Sheikh Hasina, who is expected to visit India next month, might also discuss this issue with India and urge the country to reconsider its decision.
Government of India imposed duty on jute as these imports are undercutting and suppressing the prices of the domestic industry. Imposed in the bracket of $6.30 to $351.72 per tonne, it is applicable on all forms and specifications of jute yarn/twine, jute sacking bags and hessian fabric for five years.
“The performance of the domestic industry has deteriorated in terms of profitability returns on investments and cash flow. Injury to domestic industry has been caused by dumped imports,” said a revenue department notification issued on January 5.
Local players had complained about the imports of jute products and a probe was initiated on the same by the Directorate General of Anti-Dumping and Allied Duties (DGAD) in 2015.
Bangladesh had exported jute and jute goods worth $919 million in the financial year 2015-16 and more than $260 million worth of jute was imported by India. (KD)
ALCHEMPro News Desk – India
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