Trade Update – April 15, 2024

Key Trade Remedial Updates

Subject Countries	Product	Investigation (AD – Anti-dumping, CVD – Countervailing, Safeguard)	Particulars
United States of America (Department of Commerce)
China	Aluminum Lithographic Printing Plates	CVD	Preliminary determination of critical circumstances, in part.
China	Xantham Gum	AD	Continuation of anti-dumping duty order.
Mexico	Aluminum Extrusions	AD	Preliminary affirmative countervailing duty determination and alignment of final determination with final anti-dumping duty determination.
China, India, Republic of Korea and Taiwan	Fine Denier Polyester Staple Fiber	AD and CVD	Continuation of anti-dumping and countervailing duty orders.
China	Hydrofluorocarbon Blends	AD	Preliminary affirmative determination of circumvention with respect to R-410B, R-407G and a certain custom blend.
India, South Korea, Taiwan and Thailand	Epoxy Resins	AD and CVD	Institution of anti-dumping and countervailing duty investigations and scheduling of preliminary phase investigations.
Japan	Certain Hot-Rolled Steel Flat Products	AD	Notice of court decision not in harmony with the final results of the anti-dumping duty administrative review; notice of amended final results.
European Union (European Commission)
China	Certain Alkyl Phosphate Esters	AD	Imposition of provisional anti-dumping duty.
Russia, South Korea and Malaysia	Certain Tubes and Pipes Fittings	AD	Initiation of an expiry review of the anti-dumping measures.

WTO/FTAs

• WTO launches new e-learning series on digital trade opportunities for developing economies.
• New Global Services Trade Data Hub offers extensive, tailored access to WTO data.
• WTO forecasts rebound in global trade but warns of downside risks.
• WTO members review six regional trade agreements involving the Association of Southeast Asian Nations (ASEAN), Australia, Colombia, the European Union, Japan, Pacific Island countries, Peru, the United Kingdom, and Viet Nam.
• Seventh round of India-Peru Trade Agreement Negotiations concluded in New Delhi.
• India-ASEAN Trade Pact: Tariff anomalies on goods to be reviewed.
• Sri Lanka and Indonesia to sign trade pact next March.

Trade Policy

Europe

• Europe and Palestine human rights groups sue Germany over arms export to Israel.
• European Union to probe Chinese wind turbine suppliers for unfair trade practices under the Foreign Subsidies Regulation (FSR).
• The EU Commission has updated the FAQ regarding the Foreign Subsidies Regulation (FSR) with clarifications regarding foreign financial contributions.
• Chinese trade official warns EU on Greentech probe.
• EU Commission updates report on state-induced distortions in China’s economy.
• EU Commission has released the 2024 Edition of its compendium on Customs Valuation Legislation.

UK

• UK Foreign Secretary Cameron says the UK won’t stop weapons export to Israel.
• New Brexit checks to cost UK businesses 2 billion pounds and fuel inflation, Report finds.
• UK lifts tariffs on East African flower exports to boost trade.

USA

• US National Council of Textile Organisations’ Chairman Normal Chapman laments predatory trade practices damaging the US Textile market.
• Ukraine and the US sign an agreement to cooperate on arms production.

India

• Europe becomes top spot for India’s exports of petroleum products.
• Maharashtra aims to export 5,000 tonnes of mangoes to the US and Europe this season.
• US Trade Mission to visit India to explore opportunities in Agribusiness.
• India and UAE to discuss the first phase of the trade corridor.
• India records a 17% jump to become 4^th largest exporter of digital services: WTO Report.
• Bilateral trade between India and Singapore reaches $35.6 billion in FY 2022-23.
• India and Belgium agree to work towards an early conclusion of a Migration and Mobility Partnership Agreement.
• India and Mauritius sign a protocol to amend the tax treaty; the principal purpose test introduced.
• Red Sea Crisis: RBI and IRDAI called in to help limit the impact on Indian exports.
• India’s exports to Europe may be affected due to Iran-Israel conflict.
• Indian exporters are revising contracts, opting for DAP and FOB terms, after attacks by Houthi rebels and Somali Pirates in the Red Sea.
• Maldives in discussion with India to pay in local currency for imports says Maldivian Minister for Economic Development Mohamed Saeed.

Indian Customs and Allied Agencies

• Notification of an exemption for the Quality Control Order (QCO) on Ortho Phosphoric Acid.
• Notification of the addition of CCTV Cameras to the scope of the Electronics and IT goods (Requirement of Compulsory Registration) Order, 2021.
• Notification of implementation of melon seeds import monitoring system.
• Notification of modification of Standard Input Output Norms for export of refined sunflower oil (edible grade).
• Notification of clarification regarding discharge of export obligation of Advance Authorisation by making physical exports or by making domestic supplies.

National Security, Sanctions and Export Control

• The London Metal Exchange has banned Russian-origin metal after the UK, and the US impose new sanctions.
• Chicago Mercantile Exchange bans Russian-origin aluminum after US, UK impose new sanctions.
• Indian diamond exporters raise the issue of sanctions on Russian diamonds with Europe.
• Russia and China trade new copper disguised as scrap to skirt taxes, sanctions.
• Chinese walkie-talkie maker Hytera to appeal against US global sales ban, sanctions seen as harsher than action against Huawei.
• Israel calls for all possible sanctions on Iran at UN Meeting.
• China sanctions two US defense companies and says they support arms sales to Taiwan.
• Fifteen US Lawmakers have urged the US Commerce Department to put TikTok-parent ByteDance on an export control list.
• EU is preparing the 14th package of sanctions against Russia.
• European Council adopts law on criminal offenses and penalties for EU sanction violation.
• The US and the UK take action to reduce Russian revenue from its exports of aluminum, copper, and nickel.
• Allies seeking new ways to enforce North Korea sanctions, U.S. envoy to UN says.
• US reviewing process of Iranian sanctions exemptions.
• US government plans review of space technology export controls.
• US lifts sanctions against former European branch of Russia’s VTB Bank.
• UK would consider more sanctions against Iran.
• Chinese firms helping military get AI chips added to US export blacklist.

Disclaimer: The information contained in this document is intended for informational purposes only and does not constitute legal opinion or advice. This document is not intended to address the circumstances of any individual or corporate body. Readers should not act on the information provided herein without appropriate professional advice after a thorough examination of the facts and circumstances of a situation. There can be no assurance that the judicial/quasi-judicial authorities may not take a position contrary to the views mentioned herein.