Hindi English Translation || Editorial || Trade defence: On anti-dumping duty on Chinese goods

Trade defence: On anti-dumping duty on Chinese goods

A reflexive (कर्मकर्त्ता, सहज, स्वत:) resort (सहारा, उपयोग) to the anti-dumping duty risks skewing (तिरछा, विकृत करना) market dynamics (basic/fundamental cause or force that triggers change within a system)

The Central Board of Indirect Taxes and Customs (CBIC) (Central Board of Indirect Taxes and Customs (erstwhile Central Board of Excise & Customs) is a part of the Department of Revenue under the Ministry of Finance, Government of India. It deals with the tasks of formulation of policy concerning levy and collection of Customs, Central Excise duties, Central Goods & Services Tax and IGST, prevention of smuggling and administration of matters relating to Customs, Central Excise, Central Goods & Services Tax, IGST and Narcotics to the extent under CBIC’s purview) recently notified the imposition (आरोपण, परिचय, संस्था) of anti-dumping duty on five products manufactured in China in order to (के लिए, के उद्देश्य से, ताकि) safeguard (सुरक्षित रखना, बचाव करना) domestic producers from lower-priced imports that the Directorate General of Trade Remedies (DGTR) had found as being ‘dumped’ in the Indian market. The items range from specific flat-rolled aluminium products for solar modules, and silicone sealants (silicone adhesive; a liquid form of adhesive) used in the manufacture of solar photovoltaic modules to some chemicals, including a component of the refrigerant hydrofluorocarbon. In almost all the five products, the Commerce Ministry agency initiated its anti-dumping investigations in September 2020 and reached its final findings (जाँच - परिणाम, निष्कर्ष) about 12 months later. CBIC’s imposition of the anti-dumping levy (उगाही, आरोपित करना) for five years on these Chinese products is based on the DGTR’s findings that their import constituted (संगठित करना, शामिल करना, हिसाब देना) ‘dumping (sending unsalable goods from a home market to a foreign market for sale at a low price)’, which was causing injury to local producers, and an ensuing (आगामी, बाद का) recommendation that a protective duty was warranted. A remedy (उपचार, समाधान, उत्तर) sanctioned (प्रतिबंध, अधिकृत करना, अनुमति देना) by the WTO to protect a member country’s domestic industry from imports that have been priced at levels below those prevailing (प्रचलित, मौजूदा, वर्तमान) in the exporting nation’s home market, the anti-dumping duty has become one of India’s most widely used trade weapons, especially against a flood of cheaper Chinese imports. As of February 2020, India had imposed (force, thrust, inflict, urge (an unwelcome decision)) anti-dumping measures (action, step, procedure) on 90 Chinese products, with another 24 China-specific anti-dumping investigations in progress at the time, according to a reply made in Parliament by Commerce Minister Piyush Goyal.

The use of the specific trade remedy, howsoever (in whatever way, however) warranted, does, however, raise questions. A reflexive resort to the anti-dumping duty, especially if the domestic applicant is a significantly (notably, importantly, crucially) large and relatively (comparatively, proportionately, somewhat, to a certain extent/degree) resilient (adaptable, flexible; strong, sturdy) manufacturer of the product, risks skewing the market dynamics in the Indian company’s favour, with both downstream industries, in the case of intermediate goods, and consumers likely (probably, in all probability, presumably, doubtlessly) to face the consequences (outcome, ramification, repercussion) of reduced competition on final prices. Also, efforts to narrow (reduce, lessen, lower, decrease) the sizeable (substantial, considerable, significant, large) trade deficit (a trade deficit (a deficit in the balance of trade) occurs when the value of a country’s imports exceeds that of its exports. It is also called a trade gap) with China by targeted recourse (option, possibility, alternative, possible course of action, resort, way out, source of assistance) to the levy (tax, tariff, excise, toll, fee) have made little headway in addressing the widening gap as imports have continued to largely (to a large/great extent) outpace (surpass, outshine, do better than) India’s exports. The effectiveness of the measure in providing timely relief ((financial) help, aid, assistance, succour) to smaller domestic manufacturers facing an existential crisis (it generally occurs when a person questions whether their lives have any meaning, purpose, or value (or) a situation in which something is questioned whether it has any meaning, purpose, or value) on account of suspected dumping has also been undermined (weaken, subvert, sabotage, damage) in the past by a less than ‘swift (prompt, rapid, sudden, immediate, instant, abrupt)’ process with the DGTR hamstrung (restrict, cripple, hinder, obstruct, slow down (the ability or efficiency of someone/something); to make ineffective, to make powerless) by a personnel crunch (severe shortage). With companies worldwide now seeking (try, aim, attempt) to de-risk (to take measures/steps to reduce risks/financial loses) their businesses from an excessive reliance on China in the wake of (as a result of, in the aftermath of, as a consequence of) the COVID-19 pandemic, the prospect of more capacity in that country turning surplus (the amount of an asset or resource that exceeds the portion that’s actively utilized) and being used to produce goods for dumping overseas increases. Indian policymakers have their task cut out to bolster (strengthen, support, reinforce/buttress) trade defences (सुरक्षा, परिरक्षण, रक्षा करना) in time (eventually, ultimately, finally, in the end).

Courtesy: The Hindu

Important Word List With Meaning

1.defence (noun)

Hindi Meaning - सुरक्षा, परिरक्षण, रक्षा करना
English Meaning - protection, shielding, safeguarding.

2.reflexive (adjective)

Hindi Meaning - कर्मकर्त्ता, सहज, स्वत:
English Meaning - instinctive, automatic, spontaneous, impulsive, unthinking, unpremeditated, unintentional.

3.resort (noun)

Hindi Meaning - सहारा, उपयोग
English Meaning - use, utilization, recourse.

4.skew (verb)

Hindi Meaning - तिरछा, विकृत करना
English Meaning - distort, misrepresent, change, alter, falsify, misinterpret.

5.imposition (noun)

Hindi Meaning - आरोपण, परिचय, संस्था
English Meaning - introduction, institution; enforcement.

6.in order to (phrase)

Hindi Meaning - के लिए, के उद्देश्य से, ताकि
English Meaning - with the purpose/aim of.

7.safeguard (verb)

Hindi Meaning - सुरक्षित रखना, बचाव करना
English Meaning - protect, shield, defend.

8.findings (noun)

Hindi Meaning - जाँच - परिणाम, निष्कर्ष
English Meaning - conclusion, result.

9.levy (verb)

Hindi Meaning - उगाही, आरोपित करना
English Meaning - impose, charge (a tax, fee, fine).

10.constitute (verb)

Hindi Meaning - संगठित करना, शामिल करना, हिसाब देना
English Meaning - comprise, account for, represent.

11.ensuing (adjective)

Hindi Meaning - आगामी, बाद का
English Meaning - happening/occurring as a result; following, subsequent, successive.

12.remedy (noun)

Hindi Meaning - उपचार, समाधान, उत्तर
English Meaning - solution, answer, antidote/panacea.

13.sanction (verb)

Hindi Meaning - प्रतिबंध, अधिकृत करना, अनुमति देना
English Meaning - authorize, permit, allow, approve.

14.World Trade Organization (WTO) (noun)

Hindi Meaning - विश्व व्यापार संगठन
English Meaning - an intergovernmental organization that is concerned with the regulation of international trade between nations.

15.prevailing (adjective)

Hindi Meaning - प्रचलित, मौजूदा, वर्तमान
English Meaning - existing; current, present.

16.dumping (noun)

English Meaning - sending unsalable goods from a home market to a foreign market for sale at a low price.

17.anti-dumping duty (noun)

English Meaning - anti-dumping duty is a tariff imposed on imports manufactured in foreign countries that are priced below the fair market value of similar goods in the domestic market.

18.dynamics (noun)

English Meaning - basic/fundamental cause or force that triggers change within a system.

19.Central Board of Indirect Taxes and Customs (CBIC) (noun)

English Meaning - Central Board of Indirect Taxes and Customs (erstwhile Central Board of Excise & Customs) is a part of the Department of Revenue under the Ministry of Finance, Government of India. It deals with the tasks of formulation of policy concerning levy and collection of Customs, Central Excise duties, Central Goods & Services Tax and IGST, prevention of smuggling and administration of matters relating to Customs, Central Excise, Central Goods & Services Tax, IGST and Narcotics to the extent under CBIC’s purview.

20.Directorate General of Trade Remedies (DGTR) (noun)

English Meaning - The Directorate General of Trade Remedies (earlier known as Directorate General of Anti-dumping and Allied Duties) was named in May 2018 as an integrated single window agency for providing comprehensive and swift trade defence mechanism in India.

21.silicone sealant (noun)

English Meaning - silicone adhesive; a liquid form of adhesive.

22.solar photovoltaics (noun)

English Meaning - the branch of technology used to generate electricity directly from sunlight by an electronic process naturally occurring in semiconductors. (Courtesy: VOA Learning English)

23.warrant (verb)

English Meaning - justify, necessitate, vindicate, call for, validate.

24.impose (verb)

English Meaning - force, thrust, inflict, urge (an unwelcome decision).

25.measure (noun)

English Meaning - action, step, procedure.

26.in progress (phrase)

English Meaning - happening, occurring, taking place, proceeding.

27.howsoever (conjunction)

English Meaning - in whatever way, however.

28.significantly (adverb)

English Meaning - notably, importantly, crucially.

29.relatively (adverb)

English Meaning - comparatively, proportionately, somewhat, to a certain extent/degree.

30.resilient (adjective)

English Meaning - adaptable, flexible; strong, sturdy.

31.downstream (petroleum industry) (noun)

English Meaning - the downstream sector is the refining of petroleum crude oil and the processing and purifying of raw natural gas, as well as the marketing and distribution of products (such as petrol, diesel, LPG &, etc.) derived from crude oil and natural gas. The employment associated with this industry is known as downstream employment.

32.likely (adverb)

English Meaning - probably, in all probability, presumably, doubtlessly.

33.consequence (noun)

English Meaning - outcome, ramification, repercussion.

34.narrow (verb)

English Meaning - reduce, lessen, lower, decrease.

35.sizeable (adjective)

English Meaning - substantial, considerable, significant, large.

36.trade deficit (noun)

English Meaning - a trade deficit (a deficit in the balance of trade) occurs when the value of a country’s imports exceeds that of its exports. It is also called a trade gap.

37.deficit (noun)

English Meaning - shortfall, deficiency, shortage, lack.

38.recourse (noun)

English Meaning - option, possibility, alternative, possible course of action, resort, way out, source of assistance.

39.levy (noun)

English Meaning - tax, tariff, excise, toll, fee.

40.make headway (phrase)

English Meaning - make progress, advance, proceed, get ahead.

41.address (verb)

English Meaning - tackle, deal with, attend to, try to sort out.

42.largely (adverb)

English Meaning - to a large/great extent.

43.outpace (verb)

English Meaning - surpass, outshine, do better than.

44.effectiveness (noun)

English Meaning - efficacy, potency, power.

45.timely (adjective)

English Meaning - prompt, appropriate, opportune, well timed, at the right time.

46.relief (noun)

English Meaning - (financial) help, aid, assistance, succour.

47.existential crisis (noun)

English Meaning - it generally occurs when a person questions whether their lives have any meaning, purpose, or value (or) a situation in which something is questioned whether it has any meaning, purpose, or value.

48.on account of (phrase)

English Meaning - because of, owing to, due to.

49.undermine (verb)

English Meaning - weaken, subvert, sabotage, damage.

50.swift (adjective)

English Meaning - prompt, rapid, sudden, immediate, instant, abrupt.

51.hamstring (verb)

English Meaning - restrict, cripple, hinder, obstruct, slow down (the ability or efficiency of someone/something); to make ineffective, to make powerless.

52.personnel (noun)

English Meaning - force, staff, employees, workforce.

53.crunch (noun)

English Meaning - severe shortage.

54.seek (verb)

English Meaning - try, aim, attempt.

55.de-risk (verb)

English Meaning - to take measures/steps to reduce risks/financial loses.

56.reliance (noun)

English Meaning - dependence.

57.in the wake of (phrase)

English Meaning - as a result of, in the aftermath of, as a consequence of.

58.pandemic (noun)

English Meaning - the worldwide spread of a new disease; The illness spreads around the world and typically affects a large number of people across a wide area.

59.prospect (noun)

English Meaning - chance, probability, possibility.

60.surplus (noun)

English Meaning - the amount of an asset or resource that exceeds the portion that’s actively utilized.

61.overseas (adverb)

English Meaning - relating to a foreign country.

62.have one’s task cut out (phrasal verb)

English Meaning - be faced with a tough task/work.

63.bolster (verb)

English Meaning - strengthen, support, reinforce/buttress.

64.in time (phrase)

English Meaning - eventually, ultimately, finally, in the end.