International trade is the exchange of goods or services between nations [Black’s Law Dictionary]. After years of negotiations and attempts to harmonise conflicting laws and practices to promote free trade between nations, the WTO (World Trade Organisation) now has over 150 signatory nations. Also, a large number of regional trade agreements affect the volume and value of movement of goods and services across borders. India too has a vast regulatory network and different authorities to ensure fairness and compliance like FIPB, RBI, DGCA, SIA, MoI, CLB, DoE and MoF.
While nations may agree in principle to free trade and market access, considerations like protecting local industry, negating unfair pricing and so on make them resort to trade remedies and governments too seek counsel and views in imposing them. WTO compliant Trade Remedies such as anti-dumping duties, subsidies and countervailing measures and safeguard duties are being used by member nations and they have far reaching implications for the importer and exporter.