A new regulating body has today been launched to support UK businesses and crack down on “unfair” international trading practices.
The Government said the Trade Remedies Authority (TRA) – which will operate as an arms-length body of the Department for International Trade (DIT) – will investigate complaints from UK businesses about unfair import practices, such as dumping and subsidised imports.
It comes after the Trade Act became law in April this year, giving the TRA powers to “help defend UK economic interests from unfair international trading practices” and suggest new trade remedy measures and tariffs.
Dumping and subsidised imports are both harmful practices to producers and manufacturers in the importing nation. The former is defined as a country or company which exports a product at a price that is lower in the foreign importing market than the price in the exporter’s domestic market, while the latter is defined as a Government policy designed to encourage the export of goods – such as direct payments or tax relief.
Both practices are considered “unfair” – but not illegal – as they undercut the price of domestic goods.
Commenting on the launch of the TRA, Chief Executive Oliver Griffiths said: “The launch of the TRA today is an important moment for UK trade policy. The TRA will be dedicated to defending British economic interests against unfair international trade practices, providing independent, data-driven recommendations to the Government.”
International Trade Minister, Ranil Jayawardena, added: “Britain’s newly independent trade remedies system will help protect important British industries such as steel manufacturers and ceramics producers from harmful global trading practices.
“The TRA will help create a level playing field for British businesses so they can compete with overseas producers, protecting them from unfair trading practices and unforeseen surges in imports.”
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