LOC22:49
19:49 GMT
RIYADH, Oct 23 (KUNA) -- The Secretariat of the Gulf Cooperation Council (GCC) announced Wednesday launching a probe into the excessive steel imports of the GCC member states.
The decision, made by the GCC standing committee on malpractices in international trade, is based on the GCC single code to combat dumping, subsidizing and protectionist measures, the Secretariat said in a press release.
Based on complaints from GCC member states about increasing steel imports due to dumping moves by some exporters, the Secretariat's office for combating malpractices in international trade recommended opening the probe as a prelude to possible curbs on the steel imports, the statement said.
The statement noted that GCC states witnessed unexpected increase in their respective steel imports against the backdrop of excessive world production and the protectionist policies of some exporters.
The decision to open the probe aims to protect the GCC steel industry which plays a key role in diversifying the sources of national income of the GCC states, said GCC Assistant Secretary-General for Economic and Development Affairs Khalifa Al-Abri.
Meanwhile, Rihan Al-Fayez, director of the Secretariat's office for combating malpractices in international trade, said the office would analyze the evidence contained in the complaints of GCC industrial companies to determine whether there were any dumping measures.
The probe aims to protect the GCC countries against dumping or any illegal trade measures by foreign competitors, he said, affirming the commitment of the GCC states to the open market policy. (end)
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