Trade Update – July 31, 2023

KEY TRADE REMEDIAL UPDATES

Subject countries	Product	Investigation	Particulars
USA (Department of Commerce)
Thailand	Prestressed Concrete Steel Wire Strand	AD	Notification of final results of antidumping duty administrative review.
China	Certain Metal Lockers and Parts	AD, CVD	Notification of initiation and expedited preliminary results of changed circumstances reviews, and intent to revoke the antidumping and countervailing duty orders, in part.
China, Italy, Taiwan	Forged Steel Fittings	AD, CVD	Notification of institution of five-year reviews.
Belarus, Italy, Russia, South Africa, South Korea, Spain, Turkey, Ukraine, the United Arab Emirates, and the United Kingdom	Carbon and Certain Alloy Steel Wire Rod	CVD	Notification of revocation of countervailing duty orders; 2022.
India	Forged Steel Fluid End Blocks	CVD	Notification of the final results of countervailing duty administrative review; 2020-2021.
India	Welded Stainless Pressure Pipe	AD	Notification of amendments to the final results of antidumping duty administrative review; 2020-2021.

WTO, FTAs

• Vietnam and Israel sign a FTA.
• EU, Taipei will work together to address India’s ICT tariff dispute.
• WTO panel to review US compliance with Spanish olive duties ruling.
• New WTO publication sets out common framework for measuring digital trade.
• WTO panel issues report in dispute between Dominican Republic and Costa Rica on steel duties.
• India, UK could sign trade deal this year, says Indian Commerce Secretary.
• WTO Members agree for trade policy review enhancement, with the intention of delivering a WTO reform proposal for MC13.
• India prepares for discussions with the EU regarding tariff concessions for refurbished goods.

TRADE POLICY

 Europe

• The Rhine’s low water levels put Europe’s most important trade route at risk.
• Philippines, EU to resume free trade agreement negotiations.
• EU to squeeze carbon market cap in 2024 as new climate policies kick in.

USA

• Due to India’s export restrictions, US stores enforce a one rice bag limit as panic buying increases.

India

• India urges EU to allow shrimp imports and reduce inspection sampling frequency.
• India is attempting to establish its own SWIFT-like system for rupee trade.
• India and Japan forge strategic ties to strengthen semiconductor manufacturing, supply chains.
• Jindal Stainless seeks government intervention to check surging steel imports.
• Trade body red flags Yes Bank silver imports under the India-UAE CEPA.
• Gambia panel suggests legal action against Indian drug company in the cough syrup case.
• The Prime Minister’s Office has initiated internal discussions on the potential imposition of countervailing duty on stainless steel.

CUSTOMS

• Export policy of De-Oiled Rice Bran has been amended from ‘Free’ to ‘Prohibited’ up to 30^th November 2023.

SANCTIONS

• Despite sanctions, obscure dealers send half of Russia’s oil supplies to China and India.
• Japan has added a prohibition on the export of hybrid and electric vehicles to its list of sanctions against Russia.
• Polish officials urge sanctions on Ukrainian strawberry imports.
• The US Department of Justice, Department of Commerce’s Bureau of Industry and Security, and Treasury Department’s Office of Foreign Assets Control have issued a compliance note to set procedures for voluntarily self-disclosing violations of US sanctions and export control laws.

 

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