Trade Update – January 22, 2024

KEY TRADE REMEDIAL UPDATES

Subject countries	Product	Investigation(AD – Antidumping, CVD – Countervailing)	Particulars
USA (Department of Commerce)
India	Frozen Warmwater Shrimp	AD	Determination of successor-in-interest for anti-dumping duty order.
European Union (European Commission)
China	Bicycles (Electric)	CVD	Initiation of expiry review.
China	Bicycles (Electric)	AD	Initiation of expiry review.

WTO, FTAs

• Surge in wheat shipments bypassing the Suez Canal: According to the WTO Wheat Dashboard.
• Germany gives EUR 1.95 million to boost safe food trade.
• DDG Ellard highlights members’ negotiating priorities and WTO reform issues ahead of MC13.
• At start of “Fish Month”, WTO members endorse draft text as basis for work towards MC13.
• Next round of negotiations for India-Peru trade pact to begin on February 12.
• India-EFTA close to inking trade dela after 16 years of talks.
• Canada challenges U.S. decision to maintain softwood lumber duties.
• India seeks WTO decision on public stockholding.
• British delegation to arrive in New Delhi for concluding round of India-UK FTA negotiations.

TRADE POLICY

EU

• Europe braces for trade hit as global commerce slows.

UK

• UK faces a possible post-Brexit border disruption at end of January due to upcoming implementation of certain post-Brexit import checks.

USA

• US Treasury, Chinese finance officials agree to regularly conduct meetings of their bilateral Financial Working Group..
• Chinese yuan gives US dollar a run for its money as African trade embraces other currencies.

India

• Union Cabinet Approves MoU on semiconductor ecosystems with EU.
• India’s goods, services exports marginally up in 2023, shows Commerce ministry data.
• Commerce Ministry’s ‘Trade Connect ePlatform’ for Indian exporters to go live in 2-3 months.
• Uttar Pradesh Cabinet approves its semiconductor policy, which includes land, financial incentives for new chip manufacturing units.

Customs – India

• Amendment in policy condition of silver covered under Chapter 71 of Schedule – 1 (Import Policy) of ITC (HS) 2022.

NATIONAL SECURITY, SANCTIONS & EXPORT ONTROLS

• China defies sanctions to make Russia its biggest oil supplier in 2023.
• US sanctions a United Arab Emirates shipping firm for allegedly violating Russian oil price cap.
• EU targets six people under new Hamas sanctions scheme.
• Dutch court upholds penalties for alleged inadequacy of sanction screening.
• EU eying 13^th package of Russian sanctions ahead of war’s two-year mark.
• US OFAC publishes web general licenses 81-85 for Russian harmful activities sanctions regulations.
• likely to levy higher penalties for export control violations.

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.