India initiates Safeguard Investigation on yarn
A WTO release informs that India has initiated Safeguard Investigation on the product "Bare Elastomeric Filament Yarn" classified under Customs Tariff sub-heading nos. 54024400 and 54041100 of Chapter 54 of the Customs Tariff Act, 1975.
The investigation was initiated following the examination of the safeguard petition of the domestic industry (DI) alleging serious injury and threat thereof caused by increased import of the product into India. Relevant factors having significant bearing on the present deteriorating domestic industry, as claimed by DI, inter-alia, are:
1. The import of subject product has shown an increasing trend in absolute terms as well as the relative terms;
2. Capacity utilization of the domestic industry has declined in the most recent period;
3. Share of domestic industry in domestic consumption and domestic demand has fallen significantly;
4. Though sale of the domestic industry increased uptoQ1 of 2013-14 as compared to the preceding year 2012-13, it has decreased significantly from Q1 of 2013-14 to Q3 of 2013-14;
5. Profitability of the domestic industry has steeply deteriorated, leading to financial losses.