BEIJING – Chinese manufacturers and exporters have welcomed a World Trade Organization (WTO) ruling handing China a victory in a trade dispute with the European Union (EU) over Chinese-made steel fasteners, and they expect their EU exports to rebound.
However, they said, they will no longer rely solely on the EU market and have developed global business profiles in the two years that the EU anti-dumping tariff on Chinese-made fasteners was in force.
The WTO ruled that the EU policy imposing a 63 to 87 percent tariff on the products discriminates against Chinese exporters, according to a statement on its website on Dec 3.
The decision comes a year and a half after China appealed to the trade body, after the EU placed a five-year anti-dumping duty on Chinese steel fasteners worth 575 million euros ($765 million) in 2007.
This is the first time China has won a case against the EU.
“It’s good news, and our European clients have contacted us to discuss our re-emergence in the European market after hearing about the World Trade Organization’s decision,” said Ji Aiqun, export manager of Ningbo Jinding Fastening Piece Co Ltd….
Source : Chinafastener.info – Read the full Article here via Steel fastener makers hope EU sales can recover on WTO ruling.