Home > OUR NEWS & MEDIA> Press Releases> 2018> Anti-Dumping laws lecture at GPIC
11 March 2018

Saudi Basic Industries Corporation (SABIC) International Trade Legal Affairs Director Mr. Walid Al Ghosoon delivered a lecture on anti-dumping laws in accordance with the requirements of the World Trade Organization, at the Gulf Petrochemical Industries Company (GPIC).

The lecture was part of the Company’s efforts to raise awareness of the requirements of the global market and its laws and challenges.

Mr. Al-Ghosoon spoke on anti-dumping law mechanisms and requirements and explained the measure to be adopted to avoid violations. He also gave examples of some recent cases.

The lecture highlighted global laws of protecting competition and its requirements. It spoke of the importance of companies' compliance to ensure fair competition and avoiding legal consequences.

GPIC President Dr. Abdulrahman Jawahery praised the cooperation between SABIC and GPIC, especially in the exchange of experiences and information. He said the Company’s Board of Directors is keen to take advantage of SABIC’s experience as one of the world’s largest companies and its competencies in industrial and administrative work.

Dr. Jawahery also spoke of Bahrain and the GCC anti-dumping policies and their concern in protecting local traders and markets. He said foreign traders tend to reduce prices of their products in a non-economical manner, which results in the removal of the local trader from the labour market because of his inability to match prices and quality of foreign products.

He said the World Trade Organization is one of the most important economic developments in the modern world and a unique event of the 21st century due to its economic and social effects, the liberalization of international trade and its contribution in raising the standard of living of member states’ populations.

He said this leads to creation of new jobs and a reduction in unemployment, which justifies the efforts of various countries, especially the developing countries, to join the WTO and to secure a growing share of world trade.

General Agreement on Tariffs and Trade (GATT) countries are signatories to the Anti-Dumping Agreement, which became effective at the beginning of the WTO in 1995. The agreement includes three parts and annexes, the most important of which is the definition of dumping, the necessity of complying with rules, and clarifying how to initiate and investigate dumping cases.