Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

EXCLUSIVE-EU, US taking China to WTO on raw materials-sources

Published 06/11/2009, 05:20 AM
Updated 06/11/2009, 05:24 AM

* To seek consultations on June 22, may lead to WTO panel

* EU, U.S. say China duties/quotas distort market-sources

* Materials used in steel, aircraft, autos, chemicals

By Darren Ennis

BRUSSELS, June 11 (Reuters) - The European Union and the United States will take action against China at the World Trade Organisation this month over export restrictions on around 20 industrial raw materials, EU and industry sources said.

The sources told Reuters that Brussels and Washington would formally request consultations with Beijing on the issue on June 22. If these talks fail, the next step would be to request a WTO panel to hear the complaint. The EU and United States say China has continued to restrict exports of raw materials used in steel, semiconductors, aircraft and other products despite Beijing's pledge to eliminate taxes and charges on exports when it joined the WTO in 2001. Some of the materials expected to be covered by the case include yellow phosphorous, antimony, bauxite, coke, fluorspar, indium, magnesium carbonate, molybdenum, rare earths, silicon, talc, tin, tungsten and zinc.

"China has been placing unfair export quotas and taxes on these raw materials which are distorting the global market and hindering European and U.S. companies," an EU source said.

The sources said the final list of materials had yet to be finalised by Brussels and Washington. The final number "will be in the region of 20", one source said. (Reporting by Darren Ennis; Editing by Dale Hudson)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.