- Trade Remedies and EVFTA and UKVFTA Agreements
Trade remedies include measures such as:
- Anti-dumping measures
- Countervailing measures
- Safeguard measures
Trade remedies have the following characteristics recognized by the World Trade Organization (WTO):
- Implemented by the importing country
- Applied to imported goods
- Specific conditions for the application of each type of trade remedy
- The purpose of trade remedies is to restrict imported goods and protect the domestic industries of the importing country.
The EVFTA is a trade agreement between Vietnam and the 27 EU member states. The UKVFTA, on the other hand, is an agreement between Vietnam, the UK, and Northern Ireland. The UKVFTA was negotiated after the UK’s departure from the EU and preserves most of the rights and obligations provided in WTO trade agreements. Therefore, it can be said that EVFTA and UKVFTA are essentially the same in terms of trade remedies.
- Some differences in trade remedies regulations between EVFTA and UKVFTA are as follows:
The UKVFTA inherits commitments from the EVFTA, including the chapter on trade remedies. However, there are some differences between the UKVFTA and EVFTA, such as:
- Addition of commitments on ensuring transparency: This provision supplements the notification obligations of participating countries to ensure greater transparency.
- Principle of applying lower duties: This means that anti-dumping or countervailing duties are imposed only to the extent necessary to eliminate injury. Thus, the lower duty rule considers the level of injury to the domestic industry of the importing country caused by the acts of dumping or subsidization.
- Consideration of public interest when deciding on anti-dumping or countervailing measures: With this provision, if the investigating authority concludes that the imposed anti-dumping or countervailing measures are not entirely consistent with the public interest, those measures will not be applied. This provision takes into account the impact of trade remedies on exporting businesses.
- Transitional period for applying consecutive safeguard measures: The UKVFTA allows for a transitional period of up to 10 years from the entry into force of the agreement to apply consecutive safeguard measures.
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