Trade Update – July 3, 2023

KEY TRADE REMEDIAL UPDATES

Subject countries	Product	Investigation	Particulars
UK (Trade Remedies Authority)
China PR	Certain heavy plate of non-alloy or other alloy steel	AD	Release of final determination
Belarus, China PR, Russia	Certain welded tubes and pipes of iron or non-alloy steel	AD	Reconsideration report.
India (Directorate General of Trade Remedies)
NA	Low Ash Metallurgical Coke	Safeguard	Initiation of investigation.
China PR, Russia, Saudi Arabia, Singapore and the United States of America	Isobutylene-Isoprene Rubber	AD	Initiation of investigation.
China PR	Aluminium Frames for Solar Panels/Modules	AD	Initiation of investigation.
China PR	Meta Phenylene Diamine (MPDA)	AD	Initiation of sunset review investigation.
Bangladesh, and Nepal	Jute Products	AD	Amendment of typographical errors in the finding.

WTO, FTAs

• Members conclude tariff quota review, discuss food security, farm policies, transparency.
• Items proposed for consideration at the next meeting of the Dispute Settlement Body.
• China formally accepts Agreement on Fisheries Subsidies.
• MERCOSUR summit opens as EU trade deal hangs in the balance.

TRADE POLICY

 Europe

• EU ambassador regrets lack of progress with China on trade.
• EU-UK have signed a MoU for Understanding on financial services regulatory cooperation.
• EU and Japan strengthen cooperation on digital trade and economic security.
• Commission to start digital trade agreement negotiations with Singapore and the Republic of Korea.

USA

• US and UK reach for critical minerals deal in show of unity.

India

• Government notifies draft framework for formation of India’s first carbon market.
• US chipmaker Micron, Gujarat govt ink deal for semiconductor plant.
• NSE Explores Carbon Credit Market, introducing electricity derivatives.
• Gems and Jewellery exports push India-UAE FTA utilization to the top.
• 30 critical minerals identified by Centre in a major push towards self-reliance.
• Steel CVD unlikely as govt aims to cut price pressure.
• India has notified draft QCOs on Drums and Tins, Self-contained drinking water coolers, helmets for police force, civil defence and personal protection, bottled water dispensers, steel wires/strands, nylon wire and wire mesh, and rubber gaskets for pressure cookers.

UK

• UK Says Temporary Business Visas discussed in India FTA Talks, immigration commitments excluded.

CUSTOMS

• Amendments in tariff value of oil and gold.
• Fixing of BCD and MFN for Liquified Petroleum Gas.
• Amendments in import policy of cigarette lighters.

SANCTIONS

• US imposes new sanctions on companies and individual tied to Wagner Group
• Financial sanctions may not deter China from invading Taiwan.

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