Al-Rabiah leads Saudi business delegation to Delhi today
RIYADH: India has lifted the 6.5 percent anti-dumping duty imposed on polypropylene imported from Saudi suppliers, including Saudi Basic Industries Corp.
The announcement comes a day before the visit of Tawfiq Al-Rabiah, minister of commerce and industry to New Delhi, and was widely welcomed in the Kingdom on Monday.
Abdulrahman Al-Zamil, chief of the Saudi Export Development Council, confirmed the news of duty being lifted. Al-Zamil expressed happiness over India's decision. Describing it as "a welcome move," he said that India had taken this decision in light of the strategic bilateral trade ties.
According to Al-Zamil, India imposed anti-dumping taxes on Saudi polypropylene exports, saying it had cheaper feedstock. The move to lift the duty will be effective from the day the notification of the announcement is published in the "Gazette of India", the official record of government rules in that country.
India imposed a 6.5 percent anti-dumping duty in November 2010 on polypropylene imports from Saudi Arabia, Oman and Singapore because it said the shipments, valued at less than normal prices, would hurt domestic manufacturers.
Asked about any intimation sent by the Indian government, Manohar Ram, charge d'affaires at Indian Embassy, said the mission had not been formally informed. But, he said he is aware of the development.
On the visit of the Saudi ministerial delegation to New Delhi on Jan. 3, he said the 50-member business delegation led by Al-Rabiah will attend the Indo-Saudi Joint Economic Commission meeting as well as Indo-Saudi Business Council meeting in India this week.
India's Reliance Industries Ltd., led by Mukesh Ambani, has a 70 percent share of the country's polypropylene market.
© Arab News 2012
