Dubai – Mubasher: The UAE’s Federal Customs Authority (FCA) has increased import duties on rebar and wire rod to 10% instead of 5% in an anti-dumping step to protect the domestic steel industry.

Ali Saeed Matar Al Neyadi, customs commissioner and chairman of FCA, said that the decision comes along with the GCC initiative to raise the duties in the region.

During the first nine months of 2018, rebar and wire rod trade stood at AED 1.1 billion, with imports and exports accounting for AED 656 million and AED 392 million, respectively, while re-exports amounted to AED 26 million.

“The import duty hike comes in implementation of a decision taken by the GCC Financial and Economic Cooperation Committee to approve an increase in rebar and wire rod import duties from 5% to 10% starting January 1, and therefore the decision is being applied across all UAE's ports,” Al Neyadi added.

He noted that the increase will remain in effect for one year, then it will be valuated by the Ministry of Economy with the UAE Cabinet having the final say.