Trade Update – December 25 , 2023

KEY TRADE REMEDIAL UPDATES

Subject countries	Product	Investigation(AD – Antidumping, CVD – Countervailing)	Particulars
USA (Department of Commerce)
China	Multilayered Wood Flooring	AD	Preliminary results determining no dumping and partial rescission of review.
China	Gas Powered Pressure Washers	CVD	Final results determining grant of countervailable subsidies.
India	Finished Carbon Steel Flanges	AD	Final results of administrative review determining dumping.
China	Collated Steel Staples	CVD	Final results of administrative review determining grant of countervailable subsidies.
China	Crystalline Silicon Photovoltaic Cells, Whether or Not Assembled Into Modules	CVD	Preliminary results of administrative review determining grant of countervailable subsidies and partial rescission of review.
China	Gas Powered Pressure Washers	AD	Final results determining sales at less than fair value.
Ukraine	Oil Country Tubular Goods	AD	Final results of administrative review determining dumping.
Taiwan	Polyethylene Terephthalate Film, Sheet, and Strip	AD	Final results of administrative review determining no dumping and no sales by one company.
Japan	Glycine	AD	Final results of administrative review determining dumping.
India	Polyethylene Terephthalate Film, Sheet, and Strip	AD	Corrigendum to final results of administrative review.
India (Directorate General of Trade Remedies)
Singapore	Acetone	MTR-Name Change	Final findings recommending change of name for anti-dumping duties.
United Kingdom (Trade Remedies Service)
China	Ceramic Tableware	AD-NSR	Publication of tentative case timelines.
European Union (European Commission)
China	Alkyl Phosphate Esters	CVD	Initiation of anti-subsidy investigation.
China	Melamine	MTR	Initiation of midterm review of anti-dumping measures.
China	Biodiesel	AD	Initiation of anti-dumping investigation.

WTO, FTAs

• WTO panel rules in favor of USA in trade dispute DS561 regarding “additional duties on certain products” against Türkiye.
• Fisheries subsidies chair circulates new text in “final push” to reach agreement at MC13.
• WTO report concludes that G20’s trade policy direction is becoming more restrictive amid continued slow trade growth.
• WTO members told “finish line within reach” in dispute settlement reform talks.
• EU and Kenya sign economic partnership agreement.
• Ukraine initiates termination of FTA with Belarus.
• UK and Switzerland sign “first of its kind” financial services agreement.
• Eurasian Economic Union and Indonesia hold third round of negotiations on FTA.
• EU disappointed over India’s move to approach WTO’s appellate body in ICT duty case.
• India, UK to hold next round of talks for FTA in January 2024.
• Indian Ministry of Commerce informs FTA negotiations are underway with the EU, the UK, Sri Lanka and Peru.

TRADE POLICY

EU

• EU-UK Partnership Council confirms one-off extension of current rules of origin for electric vehicles and batteries.
• 26 EU countries sign “European Wind Charter” to shield EU wind industry against unfair trade practices by Chinese manufacturers.
• EU publishes default values for CBAM.

UK

• E-signatures to remain valid in connection with all UK export controls documents.
• UK plans to implement its own version of CBAM.

USA

• US. and EU reach agreement to extend suspension of EU tariffs on American whiskey.
• US. launches Operation “Prosperity Guardian” to defend Red Sea shipping lanes from Houthi attacks.

India

• India may compensate exporters against UK & EU carbon border adjustment mechanisms.
• India and Lesotho discuss rupee trade.
• IMF executive board concludes 2023 Article IV consultation with India.
• India and New Zealand strengthen economic ties through bilateral trade talks.

CUSTOMS

• Amendment of import policy for certain tariff rate quotas.
• Imposition of anti-dumping duties on imports of industrial laser machines from China PR.
• Notification of a QCO on rubber gaskets for pressure cookers.
• Amendment to import tariff policy for certain oils and pulses.
• Notification of certain exceptions to the QCO on automobile wheel rims.
• Notification of extension of enforcement date of QCO on Toluene.

SANCTIONS

• US. Treasury designates additional individuals to enforce price cap on Russian oil.
• EU adopts 12th package of economic and individual sanctions.
• EU updates FAQs on 12^th package of restrictive measures against Russia.
• USA sanctions network of 10 entities and 4 individuals for facilitating Iranian drone production.
• USA strengthens sanctions authorities to target financial facilitators of Russian military industrial base.

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.