Trade Update – January 15, 2024

KEY TRADE REMEDIAL UPDATES

Subject countries	Product	Investigation(AD – Antidumping, CVD – Countervailing)	Particulars
USA (Department of Commerce)
Taiwan	Tin Mill Products	AD	Preliminary results determining no dumping
China	Tin Mill Products	CVD	Final results determining grant of countervailable subsidies
China	Tin Mill Products	AD	Final results determining dumping
China	Tapered Roller Bearings and Parts Thereof, Finished and Unfinished	AD	Final results of administrative review determining dumping
Taiwan	Stainless Steel Sheet and Strip in Coils	AD	Final results of administrative review determining dumping and no shipments by certain exporters
India (Directorate General of Trade Remedies)
China	Aluminium Alloy Road Wheels	AD	Final findings of sunset review recommending continuation of anti-dumping duties
United Kingdom (Trade Remedies Authority)
USA	Suspension Poly (vinyl chloride)	AD	Initiation of anti-dumping investigation
European Union (European Commission)
China	Aluminium radiators	AD	Initiation of expiry review

WTO, FTAs

• Members endorse Timor-Leste’s WTO accession package, ready for formal adoption in Abu Dhabi.
• Comoros WTO accession package ready for formal adoption at MC13.
• The UK PM Rishi Sunak hopes that the ongoing India-UK FTA can be brought to a successful conclusion soon.
• Next round of India-Oman FTA talks to begin from January 16; Negotiations progressing well: Indian government official.
• India-EFTA prospects hit as Switzerland wipes tariffs on industrial goods.
• US and Africa reach preliminary deal to extend duty-free trade access.

TRADE POLICY

EU

• EU Commission counters unfair imports of shipbuilding components from Türkiye and China.
• Poland against EU Commission prolonging trade policy with Ukraine.

UK

• UK trade with EU reaches 14-year high.

USA

• India and US seek to bolster trade ties and to work together on critical minerals.
• Ensure laptop import policies do not restrict trade: US tells India.

India

• India flagged concerns relating to the confidential data of its exporters getting compromised while complying with the EU’s CBAM.
• Indian exporters gear up to comply with EU’s new paperless customs system.
• Indian government asks ECGC not to raise insurance premiums.
• Steel industry seeks mechanism to restrict cheap imports.
• Commerce ministry sets up task force to resolve trade barrier issues for exporters.

CUSTOMS

• Extension of validity of Pre-Shipment Inspection Agencies (PSIAs) from from 27.12.2023 to 31.03.2024.
• Clarification regarding Import Policy Provisions for Laptops, Tablets, All-in-one Personal Computers and Ultra Small Form Factor Computers, Servers under HSN 8471.

NATIONAL SECURITY, SANCTIONS & EXPORT CONTROLS

• US sanctions Hong Kong, UAE firms over ‘financial support’ to Houthi rebels.
• US imposes sanctions on three Russian entities over transfer of North Korean ballistic missiles to Russia.
• China raises concerns with the US over chip-making export controls and sanctions.
• China sanctions 5 US defence companies in response to US sanctions and arms sales to Taiwan.
• China implements export controls on graphite; grants approval to South Korean battery companies.
• US resumes Russian oil imports, defies sanctions.
• Fear of sanctions keeps SBI off Russian oil deals.
• Indian government puts curbs on Indian company for hiding Chinese link.

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.