Trade Update – February 26, 2024

Key Trade Remedial Updates

Subject Countries	Product	Investigation (AD – Anti-dumping, CVD – Countervailing)	Particulars
USA (Department of Commerce)
China, Vietnam	Paper plates	CVD	Initiation of countervailing duty investigations.
India	Finished Carbon Steel Flanges	CVD	Final results of administrative review determining grant of countervailable subsidies.
China, Vietnam, Thailand	Paper plates	AD	Initiation of less-than-fair value investigations.
India	Polyethylene Terephthalate Film, Sheet, and Strip	AD	Preliminary results of changed circumstances review determining successor-in-interest status.
Thailand	Steel Propane Cylinders	AD	Final results of administrative review determining dumping.
United Kingdom (Trade Remedies Authority)
N/A	Steel Products	SG	Statement of intended final determination for safeguard extension review.
India (Directorate General of Trade Remedies)
China, Saudi Arabia, Taiwan	Pentaerythritol	AD	Final findings recommending levy of anti-dumping duties.

 

WTO/FTAs

• WTO to open MC13 in the UAE as challenges loom.
• Iceland gives CHF 20,000 to support LDCs’ participation in MC13.
• China commits USD 490,000 to support WTO accessions and least-developed countries.
• UAE donates USD 10 million to support WTO initiatives.
• WTO, FIFA strengthen cotton partnership, call for increased investment in African cotton.
• Korea donates USD 1 million to WTO Fish Fund.
• Morocco launches safeguard investigation on coated fiberboard.
• WTO panel issue ruling on US compliance with Spanish olive duties; confirming that US failed to implement the recommendations of the original panel.
• India’s stance on the e-commerce moratorium at the WTO spooks chip giants.
• Tax-free status of movie, music and games traded online is on table as WTO nations meet in Abu Dhabi.
• Legal scrubbing of India-Oman FTA underway.
• India against China-led investment facilitation proposal at WTO.

Trade Policy

EU

• The EU Commission has published a policy brief reviewing the first 100 days of application of the notification under the EU Foreign Subsidies Regulation.

UK

• Food industry warns ‘Not for EU’ labelling will deter investment in UK.
• Trade Remedies Authority recommends steel safeguard measure be extended to 2026.

USA

• The USTR releases its annual report on China’s WTO compliance.
• USA and Oman convene the inaugural meeting of their bilateral subcommittee on environmental affairs.

India

• India’s trade balance with Europe moves into deficit in FY24.
• India’s paper and paperboard imports rise 37% in April-December FY23.

Indian Customs and Allied Agencies

• Import of Yellow Peas under ITC(HS) Code 07131010 is “Free” without the Minimum Import Price condition and without Port Restriction, subject to registration under the Import Monitoring system, with immediate effect for all Import Consignments where Bill of Lading (Shipped on Board) is issued on or before 30 April 2024.
• Medical Textiles QCO has been extended to 1 October 2024 for certain products.
• Certain Specific Input Output Norms will be suspended with effect from 1 April 2024.
• Relief in Average Export Obligation in terms of the para 5.17(a) of Hand Book of Procedures of Foreign Trade Policy, 2023.

 

National Security, Sanctions and Export Control

• Indian company among 27 faces EU sanctions over dual-use exports.
• The US places export restrictions on 93 entities from Russia, China, UAE, Turkey, others.
• The European Union adopts 13th package of sanctions against Russia.
• The European Union released a guidance document on Article 12g of Regulation 833/2014, a new legal requirement to insert a “no re-export to Russia clause” in contracts involving certain sensitive goods”.
• The UK Office of Financial Sanctions Implementation designated 21 individuals and 29 entities under the Russia sanctions regime and 2 entities under the Belarus sanctions regime.

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.