EU imposes new duties on plastics from Iran, Pakistan, UAE

The European Union imposed new duties on plastics from Iran, Pakistan and the United Arab Emirates on Wednesday, saying the three were illegally subsidising exports to Europe's growing soft-drinks market, as per Reuters. As a result, Polyethylene terephthalate from Iran, Pakistan and the UAE will face EU import duties of €139.70 (US$188.1), €44.02 and €42.34 per ton respectively until 2015. The duties are valid for up to five years and reflect Europe's concern that EU industry is falling behind oil-rich states with competitive and booming plastics markets.
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