South Korea's trade commission 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 by the Korea Trade Commission calls for anti-dumping duties of 7.42-12.92 percent to be levied on polyethylene-terephthalate film made by the two Asian countries.

The latest move comes after the country maintained anti-dumping duties on products made from the two countries from 2012 onwards after it found companies unfairly undercutting prices.

The latest probe was started after Toray Advanced Materials Korea and three other local manufacturers requested an investigation against their foreign rivals. The probe was formally kicked off on Jan. 15 with officials checking manufacturing facilities in both China and India. It also held public hearings to listen to all sides.

"The decision is expected to correct unfair price undercutting and protect local industries," the KTC said in a statement. "By protecting local industries, the latest move can allow domestic manufacturers to grow."

The commission said it will ask the Ministry of Strategy and Finance for final approval of the anti-dumping duties.

PET film is widely used in packaging wrappers, bottle caps and has various other industrial applications.

The local market stood 280,000 tons or more than 1.18 trillion won ($992 million) in 2014, with 79.5 percent of the product being made in the country. Those that will be affected by the punitive duties accounted for 1.7 percent of the market shares last year. (Yonhap)