Trade Update – February 12, 2024

KEY TRADE REMEDIAL UPDATES

Subject countries	Product	Investigation(AD – Antidumping,CVD – Countervailing)	Particulars
USA (Department of Commerce)
China	Gas Powered Pressure Washers	AD/CVD	Issuing of AD and CVD orders.
China	Electrolytic Manganese Dioxide	AD	Denial of separate rate of duty.
China	Metal Lockers and Parts Thereof	AD	Final results of administrative review determining dumping.
Thailand	Truck and Bus Tires	AD	Postponement of preliminary determination.
Korea	Thermal Paper	AD	Final results of administrative review determining dumping.
Malaysia	Steel Nails	AD	Final results of administrative review determining dumping.
China	Xanthan Gum	AD	Final results of administrative review determining dumping and partial rescission of review.
China, Italy, Taiwan	Forged Steel Fittings	AD/CVD	Continuation of AD and CVD orders.
China	Walk-Behind Lawn Mowers and Parts Thereof	CVD	Final results of administrative review determining grant of countervailable subsidies.
Canada	Softwood Lumber Products	CVD	Preliminary results of administrative review determining grant of countervailable subsidies and partial rescission of review.
China	Wooden Bedroom Furniture	AD	Denial of separate rate of duty.
Canada	Softwood Lumber Products	AD	Preliminary results of administrative review determining dumping and partial rescission of review.
India (Directorate General of Trade Remedies)
China, European Union, Switzerland	Vitamin-A Palmitate	AD	Termination of investigation.
United Kingdom (Trade Remedies Authority)
N/A	Non-Alloy and other Alloy Hot-Rolled Sheet and Strip	Safeguards(TRQs)	Initiation of review of TRQs.
China	Corrosion Resistant Steels	AD	Statement of essential facts.
European Union (European Commission)
Argentina	Biodiesel	CVD	Initiation of expiry review.
N/A	Steel Products	Safeguards(TRQs)	Initiation of review of TRQs.

WTO, FTAs

• Aid-for-Trade Global Review 2024 to look at mainstreaming trade into development strategies.
• E-commerce negotiators engage in first review of the draft E-Commerce Agreement.
• Finland gives EUR 1.2 million to improve developing economies’ participation in world trade.
• Sixth round of India-Peru FTA negotiations to begin on February 12, 2024.
• Duty concession on gold will be concern for India in FTA with Peru: GTRI.
• India to exclude non-trade issues at WTO talks at MC13, but will engage with EU on CBAM.

TRADE POLICY

EU

• The EU initiates a review of the steel safeguard measures to assess if the measure should be prolonged beyond June 30, 2024.
• The EU Commission publishes guide to help EU producers with anti-dumping complaints by third countries.
• Adoption of EU corporate sustainability & due diligence directive stalled due to opposition by Germany, Finland and Estonia.

UK

• The UK extends tariff-free trade with Ukraine until 2029.
• Export fund which has launched the overseas careers of Mercury Prize winners given fresh government backing.
• The UK and Egypt sign sustainable cities and infrastructure pact.

USA

• Apple set to conclude trade secrets lawsuit with chip startup Rivos.
• Putin denounces US dollar’s foreign policy dominance.

India

• Parliamentary panel asks the Indian government to recalibrate India’s free trade agreements.
• Parliamentary Panel asks the Indian government to defer EU carbon tax for MSMEs by 3 years, notify new PLI, and launch ecommerce policy.
• India eyes USD 100 billion investment deal with Switzerland and Norway.

INDIAN CUSTOMS & ALLIED AGENCIES

• Notification of the Steel and Steel Products (Quality Control) Order, 2024 which expands the scope of products covered under mandatory certification.
• RoSCTL scheme for apparel, garments and made ups extended for two years until March 2026.

NATIONAL SECURITY, SANCTIONS & EXPORT ONTROLS

• The EU slams governments for banned goods reaching Russia.
• Chinese banks ‘refrained’ from dealing with Russia over sanctions fears.
• European Anti-Fraud Office and Polish Customs intercept illicit imports of 20,000 e-bikes.
• The US threatening sanctions to tear New Delhi away from Moscow: Russian Envoy.
• Russia’s planes fall apart as Western sanctions block airline repairs.
• Russian oil getting into UK via refinery loophole, reports claim.

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.