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China to appeal WTO fasteners ruling this week

Author:admin  Browse:4806   Time:2011/3/30

China will this week appeal a World Trade Organisation ruling in a case against the European Union, saying the decision does not go far enough in its favour, a person familiar with the case said on Monday.

The December ruling sided with China in a dispute over European Union duties on Chinese-made screws and bolts, known as fasteners and used in cars, white goods and machinery.

It marked a significant victory for China in its first WTO dispute against the EU, undermining Europe's methods of taxing imports from countries it doesn't consider to be free market economies.

The EU appealed the ruling on Friday. While siding with China, the WTO decision dismissed Beijing's argument that Brussels had made unfair comparisons between high and low-quality screws and bolts. That had prompted China to appeal, the person said.

Under WTO rules, China has until Wednesday to lodge its appeal.

The EU started duties on Chinese fasteners worth up to 87 percent in 2009, targeting Chinese companies that had been selling about a billion euros worth fastners annually.

 

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