Trade Update – February 19, 2024

Key Trade Remedial Updates

Subject Countries	Product	Investigation (AD – Anti-dumping, CVD – Countervailing)	Particulars
USA (Department of Commerce)
India	Finished Carbon Steel Flanges	CVD	Final results determining grant of countervailable subsidies.
China	Metal Lockers and Parts Thereof	CVD	Final results determining grant of countervailable subsidies.
China	Pea Protein	AD	Preliminary results determining sales at less than fair value.
China	Truck and Bus Tires	CVD	Preliminary results determining grant of countervailable subsidies.
India (Directorate General of Trade Remedies)
Singapore	Flexible Slabstock Polyol	AD-SSR	Final findings in name change review granting change of name.
Vietnam	Textured Tempered Coated and Uncoated Glass	CVD	Initiation of countervailing duty investigation.
Vietnam	Textured Tempered Coated and Uncoated Glass	AD	Initiation of antidumping duty investigation.
European Union (European Commission)
China	Glass fibre yarns	AD	Initiation of antidumping duty investigation.
Morocco	Aluminium Road Wheels	CVD	Initiation of countervailing duty investigation.

WTO/FTAs

• Korea gives CHF 260,000 to bolster developing countries’ trade expertise.
• Norway boosts global trade and food safety with NOK 16 million contribution to the WTO’s Standards and Trade Development Facility.
• Barbados, Dominica, Senegal, Uruguay formally accept Agreement on Fisheries Subsidies
• TRIPS Council finalizes preparations for MC13
• Indonesia initiates WTO dispute complaint against EU duties on imports of fatty acids
• India rejects EFTA’s ‘data exclusivity’ demand to protect generic drug firms’ interest in FTA negotiations.
• India, EU to begin seventh round of FTA talks today
• India’s PMO reviewed UK free trade agreement last week.
• India opposes plan for dispute categorisation at WTO.

Trade Policy

EU

• Phase 4.0 of EU Excise Movement and Control System (EMCS) allows for interoperability with export systems in order to make commercial movement of excise products fully paperless.
• Germany pumps the brakes on EU’s CSDDD.
• The EU Commission opens its first investigation under the foreign subsidies regulation.

UK

• UK signs landmark economic partnership with Nigeria.

USA

• US may allow ‘self-certification’ for diamonds in order to comply with Russian origin requirements in jewelry.
• US Porsche, Bentley and Audi imports held up over banned Chinese part which breached US anti-forced labor laws.

India

• Government to extend RoDTEP benefits to exports from SEZ units.
• India’s. trade deficit improves by 37.11% from USD 111.99 Billion in April-Jan 2022-23 to USD 70.43 Billion in April-Jan 2023-24.

Indian Customs and Allied Agencies

• Amendments in tariff values for certain products including gold and certain oils.
• Notification of simplified export policy for HS Chapters 1-39.
• Clarification regarding HS transposition in export policy notification.
• Amendment in Para 2.51 of Handbook of Procedures, 2023 to allow Adani Gangavaram port to import scrap.
• Applications are invited for Authorisation for Restricted Imports for muskmelon seeds under ITC(HS) 12077090.
• Applications are invited for Authorisation for Restricted Imports for watermelon seeds under ITC(HS) 12077090.
• Notification to streamline procedure for issuance of authorization for export of human hair in 2024-25.
• Addition of Mundra Port and Inland Container Depot Garhi Harsaru for import of new vehicles.
• Amendments in Para 4.36 of the Handbook of Procedures, 2023 to ease clubbing provisions in respect of Advance Authorization scheme.

National Security, Sanctions and Export Control

• The EU Council adopted a decision and a regulation clarifying the obligations of Central Securities Depositories (CSD) holding assets and reserves of the Central Bank of Russia (CBR) that are immobilised as consequence of EU’s restrictive measures.
• New US sanctions target India’s biggest crude grades from Russia.
• The US OFAC has issued a guidance for provision of humanitarian assistance to Yemen, issued Counter Terrorism General License 28, and updated its specially designated nationals and blocked persons list.
• The US Treasury Sanctions Network Smuggling U.S. Technology to Central Bank of Iran.
• India emerges as top buyer of Venezuelan crude oil in December, January.
• EU prepares sanctions on Chinese and Indian companies over Russia links.

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.