The Centre for Trade and Investment Law (CTIL), Indian Institute of Foreign Trade, in collaboration with the South Asian International Economic Law Network (SAIELN) and the Indian Society of International Law (ISIL), organised a panel discussion on “WTO Panel Ruling on Transnational Subsidies: European Union Countervailing and Anti-Dumping Duties on Stainless Steel Cold-Rolled Flat Products from Indonesia (DS 616)” on 16 April 2026 in New Delhi. The session brought together experts from academia, legal practice, and policy institutions to deliberate on the evolving legal framework governing transnational subsidies and their interface with international trade law. Discussions focused on the implications of the WTO Panel Report in DS 616, particularly the interpretation of “financial contribution by a government” under the SCM Agreement and the attribution of cross-border financial support. The panel examined the limits of expanding subsidy disciplines through principles of international law and the challenges in addressing transnational industrial financing within existing WTO rules. The discussion further evaluated issues relating to the determination of “public body” status and the treatment of domestic subsidies, while reflecting on the broader implications of the ruling for future trade disputes and industrial policy frameworks. The panel discussion received a significant amount of regional, national, and international media coverage. The event concluded with an engaging interaction with participants, highlighting the need for a balanced and coherent approach to regulating transnational subsidies within the evolving global trade architecture.