Trade Update – February 5, 2024

KEY TRADE REMEDIAL UPDATES

Subject countries	Product	Investigation(AD – Antidumping, CVD – Countervailing)	Particulars
USA (Department of Commerce)
Korea	Passenger Vehicle and Light Truck Tires	AD	Final results of administrative review determining dumping.
India	Polyethylene Terephthalate Film, Sheet, and Strip	AD	Final results of administrative review determining no dumping.
China	Xanthan Gum	AD	Final results of sunset review recommending continuation of duties.
India	Forged Steel Fluid End Blocks	CVD	Preliminary results of administrative review determining grant of countervailable subsidies.
Taiwan	Stilbenic Optical Brightening Agents	AD	Preliminary results of administrative review determining dumping.
China	Sodium Gluconate, Gluconic Acid, and Derivative Products	AD	Final results of sunset review recommending continuation of duties.
China	Sodium Gluconate, Gluconic Acid, and Derivative Products	CVD	Final results of sunset review recommending continuation of duties.
Korea	Steel Nails	AD	Final results of administrative review determining dumping.
Korea	Corrosion-Resistant Steel Products	CVD	Final results of administrative review determining grant of countervailable subsidies.
Taiwan	Steel Nails	AD	Final results of administrative review determining dumping and partial rescission of review.
China, Thailand & Vietnam	Collated Steel Staples	AD/CVD	Final results of circumvention of anti-dumping and countervailing duty orders by Thailand and Vietnam.
European Union (European Commission)
China	Bicycles (electric)	AD	Initiation of new-exporter review.

WTO, FTAs

• WTO Fish Fund Steering Committee holds inaugural meeting.
• WTO Agriculture Negotiating Body’s Chair introduces draft text for agriculture negotiations in run-up to MC13.
• Türkiye appeals WTO dispute panel report regarding Turkish duties on certain US goods.
• India seeks greater market access for steel, rice, shrimp from South Korea amid India-Korea CEPA upgradation talks.
• EU-Japan economic partnership agreement: EU and Japan sign protocol to include cross-border data flows.

TRADE POLICY

EU

• EU reaffirms trade support for Ukraine and Moldova.

UK

• UK aims to back SMEs with new Help to Grow campaign and small business council.
• UK and State of North Carolina hold third working group meeting to discuss progress in boosting trade and investment and improving access to procurement opportunities among others.

USA

• USTR releases 2023 review of notorious markets for counterfeiting and piracy.

India

• DGFT has extended the date of implementation of the track and trace system for export of pharmaceuticals and drug consignments.
• Availability of containers not affected due to Red Sea crisis: Minister of State for Commerce and Industry Anupriya Patel.
• Diesel exports from India slip 45 per cent in January as refiners avoid Red Sea.

INDIAN CUSTOMS & ALLIED AGENCIES

• Extension of enforcement date for the quality control orders of Methanol, Morpholine, Aniline, and Acetic Acid.
• DGFT has enlisted 4 additional chamber/agencies to issue non-preferential certificates of origin.
• The Indian government presented the interim union budget for 2024-25.

NATIONAL SECURITY, SANCTIONS & EXPORT ONTROLS

• China to sanction 5 US manufacturers over arms sales to Taiwan.
• US set to revoke Venezuela’s Oil License which allows for exports to the US.
• UK and US step up action to tackle domestic threat from Iran.
• US Treasury designates ISIS cyber facilitators and trainers.
• US Treasury sanctions transnational procurement network supporting Iran’s ballistic missile and UAV programs.
• US Treasury sanctions actors responsible for malicious cyber activities on critical infrastructure.
• US Treasury targets entities funding the conflict in Sudan.
• US Treasury sanctions Iranian IRGC-QF and Hizballah Financial Network.
• US Treasury sanctions military cronies and companies in Burma three years after military coup.
• Chinese nationals charged with illegally exporting US origin electronic components to Iran and Iranian military affiliates.

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.