Trade Update – July 17, 2023

KEY TRADE REMEDIAL UPDATES

Subject countries	Product	Investigation	Particulars
USA (Department of Commerce)
China	Truck and Bus Tires	CVD	Notification of final results and partial rescission of countervailing duty.
China	Common Alloy Aluminium Sheet	AD, CVD	Initiation of circumvention inquiry of the antidumping and countervailing duty orders.
China	Certain Pea Protein	AD, CVD	Institution of antidumping and countervailing duty investigations and scheduling of preliminary phase investigations.
China	Multilayered Wood Flooring	AD, CVD	Notification of continuation of antidumping and countervailing duty orders.
South Korea	Dioctyl Terephthalate	AD	Notice of initiation and preliminary results of antidumping duty changed circumstances review.
Taiwan	Certain Stillbenic Optical Brightening Agents	AD	Notification of final results of antidumping duty administrative review.

WTO, FTAs

• Fisheries subsidies negotiations ramp up ahead of text-based discussions in the autumn.
• The WTO’s Enhanced Integrated Framework annual report underlines resilience of least-developed countries amid global polycrisis.
• Second update of information note on integrated health, trade, IP response to COVID-19 launched.
• Honduras’s fourth trade policy review took place on 12 and 14 July 2023.
• UK signs treaty to join CPTPP.
• European Union and New Zealand sign free trade deal.
• India, Canada hope for early conclusion of interim trade treaty.

TRADE POLICY

 Europe

• At the Inter-Region Summit, EU and MERCOSUR see little progress in their trade negotiations.
• EU has requested the establishment of a compliance panel to assess the measures taken by the US to comply with the WTO verdict on Spanish olives.
• EU, MERCOSUR see little trade deal progress at inter-region summit.

USA

• US to help India lower energy transition cost through new investment platform.
• US chip CEOs plan Washington trip to talk China policy.

India

• India in talks with Indonesia over UPI linkage, rupee trade settlement.
• India, UAE sign agreements to settle trade in rupees.
• Efforts on to iron out contentious areas like IPR, digital trade, environment, labour in the India-UK FTA negotiations.
• India weighs better market access to join IPEF trade pillar.
• SEBI introduces a framework for ESG disclosures for listed companies’ value chain.
• India’s UPI enters France.

UK

• Prospects of UK-US free trade agreement ‘very low’, says UK Business Secretary.

CUSTOMS

• The government has notified a quality control order on resin treated compressed wood laminates.
• The government has notified a quality control order on insulated flasks, bottles and containers for domestic use.
• The DGFT issued several procedural leniencies regarding the acceptance of installation certificates under the EPCG.

SANCTIONS

• Russia’s trade partners clamp down on sanctions loopholes in face of EU pressure.
• Chinese legislation takes aim at US sanctions.
• China urges the US to remove ‘unilateral’ sanctions against local companies ahead of US Commerce Secretary visit.
• The US has reissued general license 40B which authorizes US persons to engage in transactions related to the exportation or reexportation, directly or indirectly, of liquefied petroleum gas to Venezuela.

 

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