Trade Update – July 4, 2022

KEY TRADE REMEDIAL UPDATES

Product	Subject countries	Investigation			Particulars
DGTR (Directorate General of Trade Remedies)
China PR, Japan, and Korea RP	Toluene DiIsocyanate	Anti-dumping Duty (AD)			Final Findings issued
Bangladesh and Thailand	Clear Float Glass	AD			Final findings issued
China PR and Korea RP	Ursodeoxycholic Acid (UDCA)	AD			Preliminary findings issued
USA (Department of Commerce/International Trade Commission)
Russia	Sodium Nitrate	AD			Preliminary Affirmative Determination of Sales at Less Than Fair Value
China and India	Sulfanilic Acid	AD			Termination of a Five-Year Review
South Korea	Dioctyl Terephthalate	AD			Initiation of sunset review
China	Furfuryl Alcohol	AD			Initiation of sunset review
UK
India	Certain stainless-steel bars and rods		CVD	Notice on the initiation of transition review of countervailing measures on certain stainless-steel bars and rods originating in India

WTO, FTAs

• Members welcome MC12 commitment to address dispute settlement
• Agriculture meeting discusses MC12 outcomes, food security, Nairobi and Bali decisions
• WTO members review six free trade agreements, stress importance of transparency
• Members launch discussion on work programme to enhance SPS Agreement implementation

TRADE POLICY

India

• India-EU conclude 1st round of negotiations over trade, investment
• With global slowdown fears rising, India expected to focus more on services exports

USA

• USITC Releases Shifts in U.S. Merchandise Trade 2021

EU

• EU-New Zealand sign Free Trade Agreement
• EU, Côte d’Ivoire, Ghana and the cocoa sector endorse an Alliance on Sustainable Cocoa
• Agreement in principle reached on Modernised Energy Charter Treaty

CUSTOMS

• Ministry of Finance increases import duty on gold
• CBIC exempts certain applicable duties on petrol, diesel & ATF cleared for exports
• CBDT clarifies that only NFT trades without a concurrent sale of the underlying physical asset will be subject to the tax rates laid forth for virtual digital assets
• CBIC issues amendments to the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010

SANCTIONS AND EXPORT CONTROL

• West Africa Leaders Lift Sanctions On Military-led Neighbors
• EU mulls introducing sanctions enforcement agency
• Sanctions-hit Russia reduces sunflower oil export tax sharply to support exports

 

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.