The EU is currently updating its anti-dumping law to counter unfair trade practices by third countries. "We need a better mechanism to protect jobs and our European industry against dumped and subsidised products. The agreement on the draft law is a good step to secure that Europe shapes globalisation and is not shaped by it", said the Parliaments' Rapporteur Salvatore Cicu MEP after today's vote on the Report on the better protection of European industry against dumped and subsidised imports.
“The excess production capacity and subsidised economy in third countries interfere extensively with the economy. The risk of significant price distortion in Europe must be minimised”, said Cicu. "Globalisation must be a chance and not a barrier for our industry. Therefore we need to make sure that every country can benefit from free and fair global trade in the same way. The new approach for examining the substantial market distortions guarantees that everybody plays by the same rules." Under the new law, the EU would take account of international labour and environmental standards and use the same anti‑dumping methodology for all WTO members. This means no more differentiation on the basis of the status of a market economy or a non-market economy.
The agreement is in response to the expiry of parts of China’s WTO accession protocol in December 2016 and to unfair trade practices from third countries. It is foreseen to enter into force before 1 January 2018. "Trade has never been as important as it is today. Therefore, let’s not waste time and let’s strike this deal", concluded Cicu.