Trade Update – January 1, 2024

KEY TRADE REMEDIAL UPDATES

Subject countries	Product	Investigation(AD – Antidumping, CVD – Countervailing)	Particulars
USA (Department of Commerce)
India	Glycine	CVD	Final findings of administrative review recommending continuation of duties.
China	Multilayered Wood Flooring	AD	Preliminary findings of administrative review determining lack of dumping and partially rescinding review.
Taiwan	Stainless Steel Plate	AD	Rescission of administrative review.
China	Multilayered Wood Flooring	CVD	Preliminary findings of administrative review determining grant of countervailable subsidies and partially rescinding review.
India (Directorate General of Trade Remedies)
China	Ethylene Vinyl Acetate Sheet for Solar Module	AD	Final findings in sunset review recommending continuation of duties.
China	Self-Adhesive Vinyl	AD	Final findings recommending levy of antidumping duties.
China	Acrylic Solid Surfaces	AD	Initiation of antidumping proceedings.
South Korea, Singapore, USA	Para-Tertiary Butyl Phenol (PTBP)	AD	Final findings recommending levy of antidumping duties.

WTO, FTAs

• India seeks bargains against UK’s carbon border tax as part of FTA.
• India’s overall exports to Australia remain little changed after trade pact.
• India’s FTA talks hectic but no deal in 2023 as Indian government treads with caution.
• India hopes to close talks for 3 trade deals, including UK before general elections.

TRADE POLICY

EU

• New Anti-Coercion Instrument regulation has been notified to enable EU to withstand economic coercion.

UK

• Majority of Britons regretting Brexit as inflation soars, trade crumbles.

USA

• Biden struggles to push trade deals with allies as election approaches.

India

• Engineering exports to WANA, N-E Asia, CIS countries rise, shipments to major markets US and EU down.
• Rice trade said to be affected by Red Sea crisis, says minister Goyal.
• DGFT, RBI, other ministries to take steps to promote e-commerce exports.
• DGFT E-Commerce Exports Handbook for MSMEs launched.

CUSTOMS

• Notification of extension of enforcement date of quality control order on certain kinds of photovoltaic inverters.
• Notification of extension of free import policy of urad and tur/pigeon peas till 31.03.2025.
• Notification of imposition of anti-dumping duty on wheel loaders.
• Notification on clarification of ad-hoc norms.
• Notification of extension of date for mandatory electronic filing of non-preferential certificate of origin through the Common Digital Platform to 31st December 2024.

SANCTIONS

• USA imposes more sanctions on money lending network tied to Houthi rebels.
• Russia pivots oil sales to India amid Ukraine sanctions.

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.