Trade Update – December 18 , 2023

KEY TRADE REMEDIAL UPDATES

Subject countries	Product	Investigation(AD – Antidumping, CVD – Countervailing)	Particulars
USA (Department of Commerce)
China	Pea Protein	CVD	Preliminary determination of grant of countervailable subsidies.
India	Brass Rod	CVD	Final determination of grant of countervailable subsidies.
China	Frozen Warmwater Shrimp	AD	Final results of administrative review refusing to determine separate dumping margins.
China	Tapered Roller Bearings and Parts Thereof, Finished and Unfinished	AD	Final results of sunset review recommending continuation of duties.
China	Common Alloy Aluminum Sheet	AD/CVD	Rescission of circumvention inquiry.
China	Refillable Stainless Steel Kegs	CVD	Preliminary determination of grant of countervailable subsidies and partial rescission of administrative review.
India (Directorate General of Trade Remedies)
China	Aniline	AD	Final findings in mid-term review recommending continuation of duties.
United Kingdom (Trade Remedies Service)
China	Bicycle Parts	AD	Final determination in exemption review recommending exemption of Frog Bikes Ltd from duties.
China	Bicycle Parts	AD	Final determination in exemption review recommending exemption of The Martlet Group from duties.
China	Bicycle Parts	AD	Final determination in exemption review recommending exemption of MiRider from duties.
China	Aluminium Road Wheels	AD	Final determination in transition review recommending modification and partial revocation of duties.
European Union (European Commission)
China	Tyres for buses or lorries (new and retreaded)	CVD	Initiation of partial interim review.
China	Tyres for buses or lorries (new and retreaded)	AD	Initiation of partial interim review.

WTO, FTAs

• India appeals second panel report in dispute regarding Indian tech tariffs.
• WTO members congratulate Bhutan on graduating from LDC status.
• Gambia, UK formally accept Agreement on fisheries subsidies: UK pledges to the Fund.
• DG Okonjo-Iweala: It’s time to “dramatize” Geneva to deliver concrete outcomes for MC13
• The sixth review of the trade policies and practices of Chile took place on 11 and 13 December 2023.
• Set to sign FTA with India and give basmati GI tag, EU plans to protect domestic rice industry.
• Union Minister Piyush Goyal discusses progress of FTA negotiations during meeting with EFTA delegation.
• Logjam in negotiations between India and EFTA on free trade deal.

TRADE POLICY

EU

• EU signs trade and political agreements with Chile.
• EU to extend trade truce with US until after presidential election.
• New EU business supply chain rules hand free pass to financial sector.

UK

• Trade Secretary Kemi Badenoch hails £868 billion UK exports bonanza in Brexit trade victory.

USA

• US Treasury Secretary Janet Yellen urges China to shift from ‘unfair’ state-driven economic policy.

India

• India’s trade deficit fell to $20.58 billion in November as imports shrank by 4.3%.
• Commerce ministry to help exporters maintain proper documentation to deal with US countervailing duty cases.
• India is set to sign trade facilitation deals with five countries in the next three months.
• Steel ministry begins industry consultations as imports exceed exports.

CUSTOMS

• Notification of quality control order (QCO) on cycles and rickshaws tyres and tubes.
• Notification of a QCO on hinges.
• Notification of a QCO on safes, safe deposit locker cabinets and key locks.
• Notification of amendment in policy conditions for export of various varieties of rice to Europe.
• Notification of implementation of yellow peas import monitoring system.
• Notification of amendment in export policy for food supplements containing botanicals.
• Notification of amendment in tariff values for certain goods.

SANCTIONS

• More sanctions on Russia agreed by EU leaders, targeting oil and diamonds.
• The European Parliament and Council have reached a provisional agreement on new rules criminalizing the violation of EU sanctions.
• The EU Council and European Parliament agree on rules on freezing and confiscating criminal money.
• US OFAC issued a joint compliance note highlighting common tactics deployed by malign actors in the maritime and other transportation industries.

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.