India Warns of Retaliation if EU Imposes Carbon Tax, Says Piyush Goyal

Commerce and Industry Minister Piyush Goyal has firmly stated that India will levy retaliatory duties if the European Union proceeds with its proposed carbon border tax on Indian exports. Speaking at the Columbia India Energy Dialogue, Goyal criticized the EU's Carbon Border Adjustment Mechanism (CBAM) as an unfair, blanket non-tariff barrier that would hurt both the economies. He warned that this would lead to a like reaction from India, which would hit European products and contribute to trade tensions. Goyal emphasized that India's per capita emissions are among the lowest globally, and called on developed nations to recognize their greater role in global emissions. The EU's CBAM, which would target high-carbon imports like steel and cement from 2026, is one of the major sticking points in ongoing India-EU trade talks.

 

Source: Economic Times, Business Standard, Moneycontrol