The finance ministry said Thursday it has decided to extend anti-dumping tariffs on Chinese and Indian wrapping film for three more years to protect local manufacturers.

The decision, based on recommendations made by the Korea Trade Commission in late March, calls for anti-dumping duties of 5.87-25.32 percent to be levied on polyethylene-terephthalate (PET) film made by the two Asian countries.

The tariff extension follows anti-dumping duties of 5.67-25.32 percent Seoul imposed on PET film from China and India since October 2008.

"The latest action was made to improve the competitiveness of local companies, and after assessing the overall impact the move could have on domestic prices and future cooperation with our trading partners," the ministry said in a statement.

PET film is widely used in package wrappers and bottle caps and has various other industrial applications. (Yonhap)