The key change is to introduce into EU legislation a new methodology for calculating dumping margins for imports from third countries in case of significant market distortions or a pervasive State's influence on the economy. The changes will enable Europe to deal with current realities – notably overcapacities – in the international trading environment, while fully respecting the EU's international obligations in the World Trade Organisation (WTO).
Following the yesterday meeting in Strasbourg, President Jean-Claude Juncker said: "Europe stands for open and fair trade, but as I have said time and again, we are not naïve free traders. That's why we have to make sure that, while upholding the multilateral, rules-based trade system, our legislation allows us to ensure that our companies operate on a level playing field. This is not about any country in particular, simply about making sure that we have the means to take action against unfair competition and the dumping of products in the EU market that leads to the destruction of jobs." Commissioner for Trade Cecilia Malmström said: "We believe that the changes agreed today strengthen EU's trade defence instruments and will ensure that our European industry will be well equipped to deal with the unfair competition from dumped and subsidised imports now and in the future. Having a new methodology in place for calculating dumping on imports from countries which have significant distortions in their economies is essential to address the current trade realities." The new methodology is expected to enter into force before the end of the year.
For more information see the press release and a factsheet available online.