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Positions
Axel Eggert, director-general of the European Steel Association (EUROFER), said, “Chinese overcapacity should not be confused with the granting of MES to the country. They are distinct issues. The concern is rather that prematurely according the status would give Chinese producers an even greater unfair competitive advantage.
“Straightforwardly, MES must not be granted so long as China does not visibly meet each of the EU’s five market economy criteria. So far China has overcome just the first of the EU’s five economic tests. To ensure that economic rationality – rather than political expediency – is put at the heart of the eventual decision, any MES proposal should enshrine in legislation these established market economy criteria.”
Milan Nitzschke, spokesperson for AEGIS Europe, a grouping of nearly 30 European manufacturing associations, said, “Without the five EU market economy criteria firmly in place as a legal reference, there is no way to apply a meaningful alternative anti dumping methodology under China's WTO Accession Protocol. An unstable compromise would severely risk investment and jobs in the EU industry. It’s not only about steel but every sector manufacturing in Europe.”
Background
The EU’s five economic criteria are:
- Elimination of barter trade in the economy
- Government non-intervention over allocation of resources and decisions of enterprises
- Transparent and non-discriminatory company law (adequate corporate governance)
- Functioning property law & bankruptcy regime
- Genuine & state-independent financial sector
Further Reading
Policymakers are struggling to find the way forward to preserve a future for the European steel industry, once a bedrock of the bloc’s industrial economy, which is currently facing the most serious crisis in its history.
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