A recent panel discussion held at the Indian Society of International Law in New Delhi focused on the World Trade Organization (WTO) ruling concerning transnational subsidies, specifically in the context of the European Union's anti-dumping duties on stainless steel cold-rolled flat products from Indonesia. Organized by the Centre for Trade and Investment Law (CTIL) and other institutions, the event brought together legal experts to analyze the implications of the WTO Panel Report. The report clarified that the definition of 'financial contribution' under the Agreement on Subsidies and Countervailing Measures (SCM Agreement) is a closed list, which excludes government-to-government inducement. The panel also discussed the complexities involved in determining 'public body' status and the broader implications for regulating transnational subsidies. Experts emphasized the need for a substantive assessment of entities' characteristics and their relationship with governments, highlighting the challenges posed to the existing WTO framework by evolving industrial policies and cross-border state support mechanisms. The session concluded with an interactive discussion on the future implications of the ruling for international trade disputes.