M/s I G Petrochemicals Limited and M/s Thirumalai Chemicals Ltd. had filed an application before the Director General of Trade Remedies in accordance with CEPA and Bilateral Safeguard Rules for initiation of bilateral safeguard investigation concerning increased imports of Phthalic Anhydride (PAN) from Korea RP.

The Authority on the basis of the prima facie evidence submitted by the Applicants, issued notification number SG-08/2019 dated P1 October, 2019, published in the Gazette of India, initiating the investigation in accordance with the rules.

After examination, the authority considered appropriate to recommend provisional bilateral safeguard measure in terms of Rule 9 of India-Korea Comprehensive Economic Partnership Agreement (Bilateral Safeguard Measures) Rules, 2017. Accordingly, pending final determination, the Authority has provisionally recommended increasing the rate of customs duty on imports of subject goods originating in Korea RP to the level of MFN duty on the subject goods as on the date of application of the bilateral safeguard measure or MFN duty on the subject goods on the day immediately preceding the date of entry into force of the Trade Agreement, whichever is less.