Bilateral Safeguard Measures on “Ferro Molybdenum” Imports from South Korea implemented

n an effort to protect its domestic industry, India has decided to implement bilateral safeguard measures on imports of “Ferro Molybdenum” originating from the Republic of Korea. This move follows the recommendations made by the Directorate General of Trade Remedies (DGTR) under the India-Korea Comprehensive Economic Partnership Agreement (Bilateral Safeguard Measures) Rules, 2017.

MINISTRY OF FINANCE
(Department of Revenue)

Notification No. 58/2023-Customs | Dated 9th October, 2023

G.S.R.727 (E).—Whereas, in the matter concerning imports of “Ferro Molybdenum” (hereinafter referred to as the subject goods) falling under tariff item 7202 70 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act), the Directorate General of Trade Remedies (hereinafter referred to as the Authority) initiated an Bilateral Safeguard investigation in terms of the India-Korea Comprehensive Economic Partnership Agreement (Bilateral Safeguard Measures) Rules, 2017 (hereinafter referred to as the rules) vide initiation notification under F. No. 22/03/2022-DGTR, dated the 30^th September, 2022 published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 30^th September, 2022 in order to determine whether the imports of the subject goods from Korea RP constitute increased imports and whether the increased imports have caused or are threatening to cause serious injury to the domestic industry;

And whereas, in the final findings of the Bilateral Safeguard investigation issued vide F. No. 22/03/2022-DGTR, dated the 29^th May, 2023, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 29^th May, 2023, the Authority has concluded that-

(i) imports of the subject goods from Republic of Korea have increased and constitute “increased imports” within the meaning of the rules and India-Korea Comprehensive Economic Partnership Agreement;

(ii) the increased imports have caused serious injury;

(iii) there exists a causal link between the increased imports and serious injury to the domestic industry;

and recommended imposition of bilateral safeguard measure of increasing the rate of customs duty on subject goods originating in Korea RP and imported into India as specified in the aforesaid final findings, in order to remove injury to the domestic industry.

Now, therefore, in exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) read with rule 11 of the said rules, the Central Government, on being satisfied that it is necessary in the public interest so to do, after considering the aforesaid final findings of the designated authority, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), notification No. 152/2009-Customs, dated the 31^st December, 2009, published in the Gazette of India, vide number G.S.R. 943 (E), dated the 31^st December, 2009, namely: –

In the said notification, –

(a) in the Table, after serial number 529 and the entries relating thereto, the following serial numbers and entries shall be inserted, namely: –

(b) after the second proviso below the Table, the following proviso shall be inserted, namely: –

“Provided also that, to give effect to the bilateral safeguard measure, as recommended by the Director General of Trade Remedies, –

(i) nothing contained in serial number 528 and entries relating thereto in the said table shall have effect up to and inclusive of the 9^th day of October, 2025;

(ii) the entries contained in serial number 529A in the said table shall have effect only up to and inclusive of the 9^th day of October, 2025;

(iii) the entries contained in serial number 529B in the said table shall have effect only up to and inclusive of the 9^th day of October, 2024; and

(iv) the entries contained in serial number 529C in the said table shall have effect only from the 10^th day of October, 2024 to the 9^th day of October, 2025 (both days inclusive);

unless revoked, superseded or amended earlier.”.

2. This notification shall come into force on the 10^th day of October 2023.

[F. No. CBIC-190354/124/2023-TO(TRU-I)-CBEC]
VIKRAM WANERE, Under Secy.

Note: The principal notification No. 152/2009-Customs, dated the 31^st December, 2009 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 943 (E), dated the 31^st December, 2009 and was last amended vide notification No. 23/2022-Customs, dated the 30^th April, 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 326(E), dated the 30^th April, 2022.