Trade Update – April 22, 2024

KEY TRADE REMEDIAL UPDATES

Subject countries	Product	Investigation(AD – Antidumping,CVD – Countervailing)	Particulars
United States of America (Department of Commerce)
India	Brass Rod	AD	Final affirmative determination of sales at less than fair value
India	Certain Non-Refillable Steel Cylinders	AD	Final affirmative determination in the less than fair value investigation
Malaysia, Poland, Taiwan, and Turkey	Dioctyl Terephthalate	AD	Initiation of less than fair value investigation
India	Boltless Steel Shelving Units	AD	Final affirmative determination of sales at less than fair value
India	Certain Lined Paper Products	AD	Final results of anti-dumping duty administrative review and final determination of no shipments, 2021-2022
China	Xantham Gum	AD	Continuation of anti-dumping duty order
India (Directorate General of Trade Remedies)
China, Russia, Saudi Arabia, Singapore and USA	Isobutylene-Isoprene Rubber	AD	Preliminary findings recommending provisional anti-dumping duties

WTO, FTAs

• At WTO’s agriculture talks, India asks countries to revisit its proposal on a permanent solution for public stockholding.
• WTO Committee on Agriculture has adopted recommendations to support vulnerable members in tackling food insecurity.
• WTO Chief warns that Donald Trump’s plan to raise tariffs on US imports would spark a “free for all” in the global trading system making the existing rule-based order redundant.
• South Africa files WTO complaint against EU over barriers to citrus exports
• Ethiopia presses ahead with WTO accession and economic reforms.
• Working towards ambitious deal with India says UK as FTA talks resume.
• More than a decade after it was signed, India-Japan FTA to be reviewed.
• India seeks UK carbon tax exemption in free trade talks with EU.
• China and El Salvador begin talks on FTA.
• Thailand and the EU hope to sign FTA in mid-2025.
• India’s Commerce Ministry finalizing terms of reference for free trade with Chile.
• Digital trade cooperation may act as a building block for the elusive EU-ASEAN free trade pact.

TRADE POLICY

Europe

• Subsidy race with US and China would harm Europe’s ailing economy, IMF warns.
• EU countries to pledge help for solar sector, but no trade curbs on China, draft shows.
• European Commission is demanding an explanation from the UK government over a biodiversity protection measure that bans the industrial fishing of sand eels.
• EU probes on Chinese subsidies and imports.

UK

• UK will not start post-Brexit check of EU goods for fear of border delays.
• UK has established a Critical Imports Council.
• UK signals potential curbs on Chinese investment amid derisking push.
• UK cracks down on quantum exports after China hacks western IT systems.

USA

• US Trade Representative Katherine Tai says that India’s tariff removal on several US products is benefitting US farmers.
• US Trade Representative Katherine Tai says the US is taking a ‘serious look’ at tools to deal with China.
• The White House has announced new policy measures, including tariffs and trade remedies, to protect the US Steel and Shipbuilding Industry from China’s allegedly unfair practices .
• The US Department of Commerce published a final rule revising substantive and procedural aspects of antidumping duty and countervailing duty investigations which will will enter into force on April 24, 2024.

India

• India’s goods trade deficit narrows to 11-month low of $15.6 billion in March.
• India’s 2023-24 merchandise exports fall for first time in four years.
• India monitoring impact of escalation in Iran-Israel tensions on its trade.
• Indian economy projected to grow at 6.5% in 2024: UNCTAD.
• India and Brazil plan certification to regularize the trade of genetic material.

INDIAN CUSTOMS & ALLIED AGENCIES

• India notified a draft quality control order to the WTO regarding steel and steel products.
• India issued a notification substituting tariff values for several goods including crude palm oil, crude palmolein, crude soya bean oil, gold, silver and areca nuts.
• India issued a notification imposing port restrictions on the supply of prohibited/restricted essential commodities to the Republic of Maldives during 2024-25.
• India issued a notification allowing the export of onions (under HS Code 07031019) to Sri Lanka and UAE.
• India discontinues safeguard measures on import of Isopropyl Alcohol (IPA), under Chapter 29 of ITC (HS) 2022, Schedule-1 (Import Policy).

NATIONAL SECURITY, SANCTION & EXPORT CONTROLS

• Russia remains India’s top oil supplier despite US sanctions.
• US plans to impose more sanctions on Israeli forces, Netanyahu vows to fight it.
• EU imposes sanctions against violent West Bank settlers.
• Next Russia sanctions must target shadow oil fleet, says Sweden.
• The world’s two biggest metals traders, Glencore and Trafigura, are withdrawing aluminum from the London Metal Exchange in trade enabled by sanctions.
• The US reimposes oil sanctions against Venezuela over election concerns.
• As sanctions return to Venezuela, ONGC Videsh Ltd has a problem on its hands.
• EU to discuss sanctions against Iran.
• US imposes sanctions on Chinese, and Belarusian firms for alleged support to Pakistan’s missile program.
• US Treasury targets the Iranian UAV program, steel industry, and automobile companies in response to an unprecedented attack on Israel.
• US House passes bill to sell seized Russian assets, strengthen sanctions against Iran.
• SCG Plastics Co. Ltd, a Thai company, has settled with the US OFAC for USD 20 million.
• The European Anti-Fraud Office hosted the G7 Sub-Working Group on Export Control Enforcement.
• The US is scaling back export control requirements for Australia and the United Kingdom to foster defence trade.

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.