SLAMERP hails US revocation of countervailing duty on OTR tyres
The Sri Lanka Association of Manufacturers and Exporters of Rubber Products (SLAMERP) yesterday hailed the win over the firstever revocation of countervailing duty imposed in the US for a Lankan export under a case filed by the Commerce Department, with the intent to facilitate the exportation of local value-added rubber exports, namely off-road (OTR) tyres.
July 11, 2018 marked the ruling by the US Court of International Trade, subjecting that the 0.95 percent countervailing duty attributed to the guaranteed price scheme on the import of OTR tyres from Sri Lanka to be eradicated.
This will bring about significant reinforcement to the tyre industry, asserted SLAMERP Chairman Prabhash Subasinghe.
“With respect to the regulations set up by the World Trade Organisation (WTO), the removal of this 0.95 percent duty also eliminates a larger 2.18 percent countervailing duty on the imports of OTR tyres from Sri Lanka to the United States,” he said.
“The US is considered a principal and colossal market for the SLAMERP members classified under the segment of OTR tyre exports. This judgment has brought about great consequence towards the development of this nation. On this note, we take this opportunity to recognize the exceptional efforts and fortitude imparted by the Commerce Department of Sri Lanka and its officers, whose dedication and commitment were instrumental in presenting the case on behalf of the country and rubber tyre industry of Sri Lanka.
We extend our appreciation and congratulate Commerce Department Director General Sonali Wijeratne and her committee for this great achievement on behalf of our nation. We believe that with this decision, the tyre exports to the US will continue to rise, thereby establishing the benefit of increased product availability and value generation to consumers in the US,” Subasinghe added.
The SALMERP statement said it would also like to extend its sincere gratitude to the government and especially to the Industry and Commerce Ministry and Minister Rishad Bathiudeen, along with the Development Strategies and International Trade Ministry and Minister Malik Samarawickrama together with all the officials who extended their support to the rubber exports industry.
The SLAMERP also offers its appreciation to all who have been involved in the facilitation of this case in Sri Lanka and the US.