MOSCOW (MRC) -- Japan is considering removing China from its list of Generalized System of Preferences or GSP countries due to China's economic strength, as per Plastemart.
Under GSP rules, developing countries are taxed at a lower rate when exporting their products to developed countries.
Japan's import tax on PET imports from China currently set at zero could be affected by any change.
We also remind that, as MRC informed earlier, in September 2016, The European Commission (EU) began anti-dumping investigations on purified terephthalic acid (PTA) imports from Korea. Upon receiving complaints by the PTA industry within the EU on 20 June, the commission was set out to look into the matter from 3 August. EU companies claimed that they were damaged by Korean-originated terephthalic acid imports sold at prices below cost. The time period for the investigation is for one year between 1 July 2015 and 30 June 2016 and the item under examination is the terephthalic acid with purity over 99.5 percent.
The world's PTA market is suffering from a supply glut due to a rapid rise in the capacity in countries like China. Major Korean PTA suppliers such as Hanhwa General Chemical and Lotte Chemical have, to little avail, tried to diversify their sales channels after Chinese rivals increased their output.
MRC