Trade Update – March 25, 2024

KEY TRADE REMEDIAL UPDATES

Subject countries	Product	Investigation(AD – Antidumping, CVD – Countervailing)	Particulars
United States of America (Department of Commerce)
India and China	2,4 – Dichlorophenoxyacetic Acid (2,4-D)	AD and CVD	Institution of anti-dumping and countervailing duty investigations
China and Thailand	Rubber Bands	AD and CVD	Declaration of final results of sunset reviews and revocation of anti-dumping duty and countervailing duty orders
China	Xantham Gum	AD	Affirmative determination in five-year (sunset) review concerning Xanthan Gum from China for the continuance of the existing order.
India (Directorate General of Trade Remedies)
China	Aluminium Foil	AD	Initiation of anti-dumping duty investigation.

WTO, FTAs

• WTO Chair briefs members on consultations regarding post-MC13 dispute settlement reform work.
• Items proposed for consideration at the next meeting of the WTO Dispute Settlement Body.
• WTO members supporting Investment Facilitation for Development Agreement discuss next steps.
• Russia formally accepts Agreement on Fisheries Subsidies.
• The third WTO review of the trade policies and practices of Angola took place on 18 and 20 March 2024.
• India pursues lowering cost of cross border remittances at the WTO.
• Mechanized boat operators oppose WTO’s move to curb fishing activities in Indian waters.
• The Chairman of the WTO Dispute Settlement Body has released a report on the consultations held with WTO members on 11 to 13 March 2024 covering dispute settlement reform.
• Talks on Costa Rica’s accession to WTO government procurement agreement intensify.
• The Committee on Technical Barriers to Trade of the WTO has adopted “non-prescriptive practical guidelines” to support regulators in choosing and designing “appropriate” and “proportionate” conformity assessment procedures.
• India, US announce mutually agreed solution in the WTO dispute over agricultural import measures.
• The WTO General Council, on 22 March 2024, noted consensus on a slate of names of chairpersons for WTO bodies.
• DG Okonjo-Iweala lauds MC13 work, urges members to swiftly complete unfinished business.
• EU and Vietnam have updated the product specific rules in their FTA to HS 2022.
• Technical talks on new Turkey-UK trade deal to begin in June.
• South Korea and UK to hold second round of talks to upgrade FTA.
• UK civil society calls on UK Prime Minister to ensure UK-India free-trade agreement does not threaten access to affordable medicines.
• China to work with New Zealand to implement upgraded FTA.
• Ecuador-China trade agreement will enter into force on 1 May 2024.
• EU, Philippines resume stalled trade negotiations.
• EU’s green rules clash with trade goals as India talks resume.
• French Senate rejects EU-Canada free trade agreement.
• India-Peru trade negotiations next month to focus on gold and more.
• UK, Oman trade agreements may figure in the Indian Commerce Ministry’s 100-day agenda for the new government after the general elections.

TRADE POLICY

EU

• EU extends tariff-free trade with Ukraine.
• EU trade head says plastic packaging waste rules risk backfiring.
• EU palm oil ban: Malaysia, Indonesia seek trade justice.
• EU eyes tariffs to choke off Russian grain sales.
• EU supply chain law overcomes latest hurdle after text watered down.
• French President Emmanuel Macron to host China’s Xi in Paris as trade tensions persist.

UK

• Pakistan and UK to launch trade dialogue.
• Thailand and UK signed a strategic partnership roadmap agreement.
• Consultation launched on proposed UK Carbon Border Adjustment Mechanism.

USA

• House passes bill to address ‘anti-competitive’ ocean shipping practices.
• Recently released US government documents infer that the US pushed India to reverse IT hardware import license policy.
• Deepening trade relations with India will be priority if Trump wins, says ex-US State Secretary Pompeo.
• US senator alleges violation by Indian shrimp industry, urges trade body to take action.
• US Environmental Protection Agency issues new auto rules aimed at cutting carbon emissions, boosting electric vehicles and hybrids.

China

• Western China-ASEAN trade corridor sees robust growth in volume and pace.
• China and New Zealand pledge deeper trade and economic cooperation.
• China says it is considering maritime talks with Australia.
• Australia, China foreign ministers meet to discuss trade, defense and human rights.

India

• India’s trade dependence on China, EU rose in 2023.
• EAM Jaishankar urges Singapore’s business community to invest in India’s semiconductor manufacturing sector.
• India-Bhutan to strengthen trade and investment, including push for Gelephu.
• Pakistan threatens to close vital Afghan Trade Corridor with India.
• India’s rising factory activity boosts economy, flash purchasing managers index shows.
• India’s merchandise and services exports soar, trade deficit shrinks.
• Trade officials in India, exporters to meet over rejection of Indian farm exports.

INDIAN CUSTOMS & ALLIED AGENCIES

• Amendment in import policy condition of Urea in the ITC (HS) 2022, Schedule – I (Import Policy).
• Export prohibition on export of onions under ITC HS Code 07031019 that was valid till 31st March 2024 has been extended until further orders.
• Amendments in origin declaration for Self-Certification under UK Developing Countries Trading Scheme.
• Extensions of date of enforcement of the quality control orders (QCOs) on Ethylene Vinyl Acetate Copolymers, Acrylonitrile, Styrene Vinyl Benzene and Maleic Anhydride Amendment.
• Extension and amendment to the Aluminium and Aluminium alloy products QCO to incorporate SME and R&D based exceptions.
• State Trading Enterprises policy conditions for export of Petroleum Crude (ITC HS code 27090010) for AMI (ADNOC Marketing International (India) RSC Limited India) is exempted and is allowed to re-export crude oil, from their Commercial Stockpile at Mangalore SPR, at their own cost.
• A cap of INR 2.50 crore has been imposed on a per IEC basis in the Interest Equalization Scheme.

NATIONAL SECURITY, SANCTIONS & EXPORT CONTROLS

• The US imposes new sanctions on Iran’s military-industrial base, targets Tehran proxies.
• The US has designated Nicaragua’s Attorney General Wendy Carolina Morales Urbina for her role in supporting the ruthless oppression of peaceful opposition members in Nicaragua.
• The US Commerce Department’s Bureau of Industry and Security released a final rule to impose additional restrictions under the Export Administration Regulations (EAR) on persons identified under fourteen sanctions programs.
• The EU Council has decided to impose restrictive measures against 33 persons and 2 entities linked to the sudden death of the Russian opposition politician Alexei Navalny.
• EU agrees on sanctions on Hamas, violent Israeli settlers.
• The EU’s general court says former F1 driver Nikita Mazepin should be removed from sanctions list.

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.