Trade Update – February 27, 2023

KEY TRADE REMEDIAL UPDATES

Subject countries	Product	Investigation	Particulars
India (Directorate General of Trade Remedies)
China and Bangladesh	Fishing Net	AD	Initiation of anti-circumvention investigation concerning imports of fishing net from China.
United Kingdom (Trade Remedies Authority)
China	Aluminium Extrusions	AD	Initiation of anti-dumping investigation concerning imports of aluminium extrusions from China.
China	Certain Bicycle Parts	AD	Initiation of anti-circumvention investigation concerning imports of certain bicycle parts from China.

WTO, FTAs

• Chair reports positive outlook for fisheries subsidies negotiations; four clusters of meeting to be held over the coming months.
• WTO members explore ways of boosting LDCs’ participation in global supply chains.
• Members’ discussion on e-commerce work programme highlights the need to bridge digital divide.
• India and Israel show great interest in finalizing free trade agreement.
• German Chancellor states that he ‘will get personally involved’ in the India-EU free trade agreement.
• India and UAE explore virtual trade corridor to fast-track shipments.
• European Commission presents EU-New Zealand trade agreement for ratification.

TRADE POLICY

 European Union

• The EU extends trade benefits for Ukraine for a year.

India

• Bicycles Retro Reflective Devices (Quality Control) Order, 2023 issued by the Indian government.
• One time relaxation is granted in submission of additional fee to cover excess duty utilised in EPCG authorisations issued under Foreign Trade Policy (2009-14) (extended upto 31.03.2015).
• Minimum Import Price (MIP) on Cashew kernel (broken / whole) will not be applicable for imports by 100% Export Oriented Units (EOUs) and units in the SEZs subject to the condition that the imported Cashew Kernels are not sold into Domestic Tariff Area (DTA).

SANCTIONS

• India implements the United Nations Security Council Resolution on Mali Order, 2022, which imposes certain sanctions on Mali.
• The European Union adopts the 10th package of sanctions against Russia.
• New sanctions adopted by the United States and other G7 countries against Russia on the first ‘war anniversary.’

 

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