Q. Consider the following statements:

1. Anti-dumping duty is a protectionist tariff
2. Imposition of anti-dumping duty is permitted by the WTO

Which of the above is / are correct statements?
Answer: Both 1 & 2
Notes: Anti-dumping duty is a tariff imposed by a country on foreign imports to protect its domestic market from dumping. Countervailing duty is a customs duty on subsidized goods from exporting countries. The WTO permits anti-dumping duties for a maximum of 5 years. In India, both duties are administered by the Directorate General of Trade Remedies under the Ministry of Commerce and Industry.