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Latest International Trade News

International Trade weekly highlights—19 December 2024

This week's edition of International Trade weekly highlights includes: the World Trade Organization reporting a surge in trade restrictions amid growing global uncertainty, the Department for Business and Trade announcing UK's official accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership trade agreement, the European Commission initiating review of steel safeguard measures, the Regulation on anti-dumping duty and provisional duty imposed on imports of OFC originating in India being published in the Official Journal of the EU, and a weekly roundup of HMRC import, export and customs guidance.

Commission launches safeguard probe into alloys imports

The European Commission has initiated a safeguard investigation into alloys imports to the EU. The probe aims to determine whether protective measures are necessary to support the EU alloys industry, which is facing challenges due to increased imports and global overcapacity. The investigation will conclude within nine months, with the possibility of provisional measures being imposed within 200 days if clear evidence of injury is found. The Commission cites the alloys sector as critical for the EU's strategic autonomy and economic security.

Commission initiates review of steel safeguard measures

The European Commission has initiated a review of the EU safeguard measure on steel imports, following a request from 13 EU Member States. The Commission cites the challenging situation facing the EU steel sector, exacerbated by global overcapacity and decreased EU demand, as the basis for the review. The investigation will run until 31 March 2025, with any potential changes requiring approval by EU Member States through a qualified majority vote. If approved, modifications could take effect from 1 April 2025. The current safeguard measure will remain in force until its scheduled expiration on 30 June 2026.

DBT announces UK's official accession to CPTPP trade agreement

The Department for Business and Trade (DBT) has announced that the UK has officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on 15 December 2024. This accession is expected to boost the UK economy by £2bn annually in the long run, with benefits estimated for all UK nations and regions. The agreement introduces lower tariffs and fewer barriers for UK businesses trading with CPTPP countries, establishes new free trade deals with Malaysia and Brunei, and implements modern 'rules of origin' provisions for key sectors. The DBT also highlights potential reductions in consumer goods prices and easier export of services for UK firms to CPTPP markets.

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