Image Source: Hindustan Times
India is optimistic about securing preferential treatment for its steel exports under the European Union’s upcoming regulatory framework. With the recently concluded India-EU Free Trade Agreement mandating phased duty removal on EU steel products, New Delhi is pressing for reciprocal benefits to safeguard its domestic industry and expand market access.
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India is positioning itself strategically as the European Union negotiates new steel regulations with trading partners. The 27-nation bloc is transitioning to a stricter post-safeguard regime, raising concerns about quotas and market restrictions. Indian officials are hopeful that the Free Trade Agreement (FTA) will pave the way for favorable terms for domestic steel exporters.
Key Highlights
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India has agreed to gradually eliminate duties on most iron and steel products imported from the EU under the FTA
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The agreement, however, does not directly address India’s steel sector, prompting calls for reciprocal concessions
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The EU’s new regulatory framework is expected to tighten market access, making preferential treatment crucial for India’s exporters
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Negotiations are ongoing, with India emphasizing the importance of balanced trade relations to protect its steel industry
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Preferential access could help India expand its footprint in the European market, which remains one of the largest consumers of steel globally
Sources: The Economic Times, CNBC TV18, Goodreturns
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