LONGWAYS CO. TAKE PART IN PAKISTAN PRICE UNDERTAKING NEOGATION

On February 19, 2016, the National Tariff Commission, Government of the Islamic Republic of Pakistan (the “Commission”) initiated an Anti-dumping Investigation on wall and floor tiles originating in and/or exported from People’s Republic of China (“China”) to Pakistan. The subject product is impermeable, ceramic, porcelain, vitrified, granite, glazed/unglazed, polished/unpolished finish (the “Subject Product”) or popularly known as “wall and floor tiles”. The Subject Product is classified under Pakistan Customs Tariff (“PCT”) Heading Nos.6907.2111, 6907.2119, 6907.2190, 6907.2211, 6907.2219, 6907.2290, 6907.2311, 6907.2319, 6907.2390. These PCT Nos. are implemented in Pakistan with effect from July 1, 2017 for classification of wall and floor tiles.

The dumping POI is from October 01, 2014 to September 30, 2015, the injury POI is from October 01, 2012 to September 30, 2015. According to statistics of Pakistan Customs Authority, the total volume and amount of Chinese exports of wall and floor tiles to Pakistan in POI for dumping was 22.42 million square meters (“SQM”) and 94.01 million US dollars respectively. In order to maintain the positive development of the exportation to Pakistan, China Chamber of Commerce of Metals, Minerals and Chemicals Importers & Exporters (“CCCMC”) had a negotiation of the Agreement of Price Undertaking (the “Price Undertaking”) with the Commission on behalf the Chinese tiles industry and exporters/signing parties. The Price Undertaking is submitted on September 29, 2017, and the Notice of acceptance of Price Undertaking will be  published in the Official Gazette of Pakistan and press along with the final determination.

As one of the member of the chamber of commerce, Longways CO. had took part in this negotiation, and reached a price commitment with the Pakistani investigation authority on September 29. We promise to strictly abide by this price commitment and safeguard the market order.