China has risen to become Brazil’s biggest export market [Xinhua]
The Chinese Ministry of Commerce said in a statement on Friday that Brazil planned to use the United States as an analogue country for a benchmark review to evaluate this Chinese steel export.China has urged the Michel Temer government in Brazil to stop using the controversial ‘Surrogate Country’ approach in its anti-dumping investigation into Chinese high-carbon steel wire.
When the Surrogate Country approach is in effect, a third country or region’s prices can be used to assess if a given country is exporting below market value or dumping.
However, in accordance with the accession protocol signed when China joined the World Trade Organization in 2001, the Surrogate Country approach expires on December 11, 2016, the Chinese Commerce Ministry said.
A recent Bloomberg report says Brazil’s embattled steel industry is on a charm offensive with US officials.
A worldwide steel glut has become a major trade irritant, with China under fire from global rivals who say it is dumping cheap exports.
Frequent use of protectionist practices will not help solve global steel sector woes amid the economic slowdown, and Brazil should refrain from these trade remedy measures, according to the Read Full Article
Source: The BRICS Post