Chinese fastener enterprises are to work together to appeal against the EU's anti-dumping sanction, according to Feng Jinyao, director of China Fastener Association.
The European Commission voted earlier this month to impose anti-dumping duties of 63 to 87 percent on China-made fasteners over the next five years. The vote must be approved by the trade ministers of the 27-nation bloc within a month, before it comes into force.
This is one of the largest anti-dumping investigations that the EU has instigated against China. As a result, the fastener industry in China could lose over 400 million euros a year, and 800,000 workers could be made redundant.
"This is devastating for enterprises like us," said Yu Liangbin, an exporter based in Zhejiang, who each year exports over US$10 million worth of goods to the EU. Yu said many enterprises are thinking about turning to other markets to avoid the trade sanction by EU.
(China Daily December 19, 2008)
