- within Antitrust/Competition Law topic(s)
Key Highlights
Indian Updates
Basic Customs Duty exempted for imports of 40 key petrochemicals and polymers into India
The Ministry of Finance, vide Notification No. 12/2026-Customs dated 1st April 2026, has exempted Basic Customs Duty on imports of certain petrochemicals & polymers into India. The exemption has been allowed in public interest, and will come into force on 2nd April and remain in force till 30th June 2026. Key products such as Anhydrous Ammonia, Methanol, Toluene, Isopropyl Alcohol, Ammonium Nitrate, Styrene, Monoethylene Glycol (MEG), Purified Terephthalic Acid (PTA), Phenol, Acetic Acid, Polyethylene, Polypropylene, PVC, Polystyrene, Acrylonitrile-butadiene-styrene, Styrene-acrylonitrile, PET Chips, Polycarbonates, Polyurethane, Linear Alkyl Benzenes, Epoxy Resins, Alkyd Resins, Melamine Formaldehyde Resins, Polytetrafluoroethylene, etc. have been exempted from Basic Customs Duty.1 Imports of Ammonium Nitrate have also been exempted from Basic Customs Duty as well as Agricultural Cess (vide Notification No. 13/2026-Customs). The temporary exemption is aimed to ease the cost of input procurement and ensure input availability for various sectors such as Textiles, Packaging, Auto and Engineering, Construction, Infrastructure, Chemicals and Fertilizers, FMCG and Detergents, Pharmaceuticals, and Specialty Chemicals.
Global Updates
14th Ministerial Conference of the WTO concluded in Cameroon
The 14th Ministerial Conference (MC-14) was held between 26th and 30th March 2026, at Yaoundé, Cameroon, under the chairmanship of the Minister of Trade, Cameroon. The conference, which is normally held every two years, is the highest decision-making body of the WTO. Nearly 2,000 trade officials, including more than 90 ministers, attended the four-day conference. The conference commenced with induction of Paraguay, Saint Vincent and the Grenadines, and Samoa as members of WTO. Three major Ministerial decisions were adopted at the conference – Ministerial Decision on the Work Programme on Small Economies, Ministerial Decision on Enhancing the Precise, Effective and Operational Implementation of Special and Differential Treatment Provisions of the Agreement on the Application of Sanitary and Phytosanitary Measures and the Agreement on Technical Barriers to Trade, and the Ministerial Decision on Fisheries Subsidies. Ministers actively engaged in discussions regarding foundational issues including principles of the WTO, decision-making, past mandates, development and level playing field issues. As part of a new way of working, 66 WTO Members representing about 70% of global trade agreed on a pragmatic pathway to bring the Agreement on Electronic Commerce into effect.
Indonesia seeks authorization from the WTO to retaliate against the European Union over non-compliance with ruling of Panel (19 Mar)
On 9th March, Indonesia approached the WTO Dispute Settlement Body, requesting authorization to suspend concessions against the European Union, alleging that it failed to comply with the ruling of the WTO Panel in DS593 by the deadline of 24th February. Indonesia proposed suspending concessions across goods, services, and/or intellectual property rights, with an estimated annual impact of US$ 2.8–5.6 billion, citing continued harm to its palm oil industry. The European Union opposed the proposed level of suspension. The Dispute Settlement Body has referred the matter to arbitration under Article 22.6 of the DSU to determine the appropriate level of suspension.
Footnote
1. Complete list of products can be seen at this link.
To read this article in full, please click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
