Ulaanbaatar
Cabinet to submit bill on Dumping
PoliticsUlaanbaatar /MONTSAME/ The cabinet on April 25 resolved to submit a Bill on Dumping to the State Great Khural (parliament) and told the Minister of Industry D.Erdenebat to present the draft law.
If adopted, the law would provide the legal grounds that enable Mongolia do trades in a full consistency with the General Agreement on Tariff and Trades (1994) of the World Trade Organization and international agreements of Mongolia with other subjects.
The law is also expected to help monitoring agencies to improve their actions for protecting the domestic industries from dumping.
Dumping, in international trade, is the export by a country or company of a product at a price that is lower in the foreign market than the price charged in the domestic market. As dumping usually involves substantial export volumes of the product, it often has the effect of endangering the financial viability of manufacturers or producers of the product in the importing nation. Dumping is also a colloquial term that refers to the act of offloading a stock with little regard for its price.
