Such a policy if it can be established that dumping is taking place and is harming a domestic

Industry. Under GATT regulations, if products are sold in a foreign market below the price at

Which they are sold on the home market, dumping is deemed to take place. The practice of dumping

is prohibited under the terms of the European Economic Community’s Treaty of Rome. Rules

To be followed by governments were agreed as part of the GATT Kennedy round of trade negotiations

Concluded in 1967 by the European Community, North America and the European Free

Trade. Association. The review of the rules for determining antidumping measures was also part of

The Uruguay round of trade negotiations. Market economies are more open to the making of comparisons

Of the prices and input costs of products in different markets in order to judge whether

Dumping is taking place. For planned economies, the EC compares the price of the product exported

With that produced in a free-market by a non-EC country in order to decide whether the

Product is being dumped. If such a free-market price cannot be found, the EC judges a fair price on

The basis Of its own calculations of the costs of production. In the USA, the government must

Obtain the approval of the International Trade Commission before imposing antidumping duties

On imports, and decisions may be overruled by the US Court of International Trade.