EU institutions agree to "modernize" its trade defense instruments

BRUSSELS, Dec. 6 (Xinhua) -- Three European Union (EU) institutions has struck a political agreement to "modernize" the EU's trade defense instruments which may result in high duties in some cases, an EU statement said on Wednesday.

The deal agreed by the European Commission, the Council of the EU and the European Parliament Tuesday night will make the EU's anti-dumping and anti-subsidy procedures "more adapted" to the challenges of the global economy, the statement said.

The new rules will shorten the current nine-month investigation period for the imposition of provisional measures.

In some cases targeting "imports of unfairly subsidized or dumped products from countries where raw materials and energy prices are distorted," the EU may adapt its "lesser duty rule" and impose higher duties, according to the EU.

The political agreement will enter into force once the Council and the European Parliament give their final green light.

The Commission first proposed a reform of the EU's trade defense instruments in 2013. The Council reached a compromise in December 2016 when a three-way negotiation among the three EU institutions was allowed. Enditem