What does SIMA mean in INTERNATIONAL BUSINESS
The Special Import Measures Act (SIMA) is a Canadian law designed to protect the domestic market against ‘dumped' or subsidized foreign goods. It applies in cases where imports are seen as causing material injury to the Canadian industry producing similar or identical goods. SIMA only applies to industrial goods and not to services, agricultural products, or consumer goods.
SIMA meaning in International Business in Business
SIMA mostly used in an acronym International Business in Category Business that means Special Import Measures Act
Shorthand: SIMA,
Full Form: Special Import Measures Act
For more information of "Special Import Measures Act", see the section below.
Essential Questions and Answers on Special Import Measures Act in "BUSINESS»INTBUSINESS"
What is the Special Import Measures Act (SIMA)?
SIMA is a Canadian law that applies to imports of industrial goods and provides remedies to protect the Canadian industry against dumped or subsidized imported products.
When does SIMA apply?
The application of SIMA is triggered when it can be shown that imported goods have caused, are causing, or are likely to cause injury to the domestic production of similar or identical goods.
To which kinds of imported goods does SIMA apply?
SIMA only applies to imports of industrial goods, and not services, agricultural products, or consumer goods.
What type of remedies does SIMA provide for injured industries?
When an injury finding has been made, import shipments from those countries found responsible may be subject to provisional safeguard measures in the form of quotas, tariffs, minimum prices or other restrictions on entry into Canada.
Who enforces and administers the provisions under SIMA?
The Government of Canada through its Border Services Agency enforces and administers the provisions under SIMA.
Final Words:
The Special Import Measures Act (SIMA) provides protection for industries in Canada that have suffered economic loss due to foreign exporters dumping unfairly priced merchandise onto their markets. It serves as a deterrent against predation from foreign suppliers who use unfair trade practices in order to gain competitive advantage over domestic producers within Canada's economy.
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