New Law Proposed for Promotion of Domestic Industries

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April 19: The government is preparing to bring new laws to promote goods produced in the domestic market in an attempt to discourage the import of goods that is becoming alarmingly unorganized. Ministry of Commerce (MoC) informed that the government is preparing to impose safeguards, anti-dumping charge and countervailing duty on imported goods. The government has increased its pace to prepare new laws and amend the existing policies to promote domestic goods.

According to Ramji Danai, under-secretary at the Department of Law at the ministry, preparation of a draft bill has reached the final stage.

“All the concern bodies have agreed in principle to forward the draft bill,” he informed. The draft will be sent to the Ministry of Law, Justice and Parliamentary Affairs after sometime. After being approved by the ministry, the bill will be registered at the parliament within the next two or three months, he clarified.

The anti-dumping charge, countervailing duty and safeguarding measures have been imposed in order to check the import to some extent as per the provision of  World Trade Organization.

With the implementation of the proposed law, domestic industrial goods will feel secure, said sources at the ministry. Similarly, the ministry also believes that the law will help in balancing trade by recognizing export-quality goods and increasing the quantitative production and distribution.

 

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