Competition Law | Articles
Unveiling the Countervailing Duty Investigations: From Turkish Lens
It has been 30 years since the Agreement on Subsidies and Countervailing Measures (“ASCM”) of the World Trade Organization (“WTO”) entered into force. Its objective is to ensure fair trade practices by offsetting the market distortions caused by subsidies provided by the exporting countries’ governments that harm domestic industries in importing countries. ASCM lays down rules for Countervailing Duty (“CVD”) investigations, which can be undertaken by any WTO member state. As of March 2024, a total of 381 CVD investigations have been initiated. To provide context, this figure represents approximately 10% of the most popular trade remedial tool, i.e., anti-dumping investigations, with more than 3,200 investigations initiated until March 2024.