Trade Update – January 29, 2024

KEY TRADE REMEDIAL UPDATES

Subject countries	Product	Investigation(AD – Antidumping, CVD – Countervailing)	Particulars
USA (Department of Commerce)
India	Polyethylene Terephthalate Film, Sheet, and Strip	CVD	Final results determining grant of countervailable subsidies.
Russia	Phosphate Fertilizers	CVD	Notice revising CVD rates.
India	Polyester Textured Yarn	AD	Preliminary results determining no sales at less than normal value.
China	1,1,1,2-Tetrafluoroethane (R-134a)	AD	Rescission of administrative review.
Chile, China and Mexico	Glass Wine Bottles	AD	Initiation of AD investigation.
China	Glass Wine Bottles	CVD	Initiation of CVD investigation.
India	Frozen Warmwater Shrimp	AD	Preliminary results of new exporter review.

WTO, FTAs

• WTO members updated on progress in dispute settlement reform talks in run-up to MC13.
• Cabo Verde formally accepts the Agreement on Fisheries Subsidies.
• Austria gives EUR 200,000 to help boost developing economies’ trade expertise.
• Portugal donates EUR 50,000 to WTO Fisheries Funding Mechanism.
• DDG Hill stresses the importance of the IFD Agreement to foster sustainable development.
• EU suspends WTO dispute against China’s trade restrictions on Lithuania.
• Chances to reach consensus on WTO Dispute Settlement body reforms low in next meet: GTRI.

TRADE POLICY

EU

• European Commission proposes new initiatives to strengthen economic security.
• EU Council adopts position to ban products made with forced labour on the EU market.
• Red Sea crisis hits Europe’s fresh food trade.
• European shipbuilders ask for the EU’s help on Chinese subsidies.

UK

• UK halts talks with Canada on post-Brexit trade deal.
• London accounts for almost half of booming UK services exports.
• New Brexit checks ‘pose existential threat’ to UK fruit and flower growers.

USA

• Trump’s proposed 10% tariff plan would ‘shake up every asset class,’ strategist says.
• Enforcement of China forced-labor import ban needs to be much tougher: US lawmakers.
• Rule delay of mandatory indigenous or FTA partner battery part sourcing makes big EV tax credit possible early next year.

• Biden pauses new LNG export projects in win for climate activists.
• Nippon Steel sends delegation to Washington to gauge US steel deal.

India

• India’s goods and services exports marginally up in 2023.
• Exports from Kolkata port may be hit due to soaring freight rate, rice ban, and geopolitical turmoil.
• India increases import duty on gold and silver coins to 15%

CUSTOMS

• Amendment in import policy condition of Glufosinate Technical covered under HS Code 38089390 of Chapter 38 of Schedule I (Import Policy) of ITC (HS) 2022.
• Notification of Foreign Exchange Management (Non-Debt Instruments) Amendment Rules 2024.
• Corrigendum notification for anti-dumping duties on Industrial Laser Machines.
• Exemption from social welfare surcharge for items under headings 7112 and 7118.
• Substitution of basic customs duty rate for items under heading 7112.

NATIONAL SECURITY, SANCTIONS & EXPORT ONTROLS

• The European Commission has notified a whitepaper on export controls.
• The European Commission publishes new guidelines on data gathering and processing on export controls.
• China banks tighten curbs on Russia after US sanctions order.

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.