Turkey’s Ministry of Trade has launched an investigation on an alleged dumping practice of low-density polyethylene (LDPE) by Saudi Arabia. The investigation is conducted after an appeal submitted by Turkey’s sole integrated petrochemical plant Petkim. If the probe found any wrongdoings, Turkey would impose additional tariffs on imported Saudi goods.
The Ministry of Trade issued an Unfair Competition Prevention statement saying that the dumping practice had hurt Petkim’s economic indicators. According to the statement, import prices of Saudi LDPE dropped significantly between 2017 and 2020, cutting down the local production prices. The ministry said that the investigation would last between 12 and 18 hours. However, it may come to an early end if Saudi authorities fail to cooperate.
The move came after a report that Saudi Arabia had allegedly banned the entry of Turkish goods into the kingdom. However, an official with the trade ministry on condition of anonymity said that Petkim submitted the appeal before many media outlets reported the alleged Saudi embargoes on Turkish products.
Although Saudi Arabia denied the report, some industry sources said that the kingdom had ordered companies to sign written contracts prohibiting them from doing trade with Turkish firms. The world’s biggest container ship operator Maersk also warned clients about risks of exporting Turkish goods to Saudi Arabia. Maersk said the risks included slowing down in customs processes.
Tags: AlwaysFree,English,Middle East,PE,Saudi Arabia,Turkey
Published on October 19, 2020 5:34 PM (GMT+8)Last Updated on October 19, 2020 5:34 PM (GMT+8)
