The Indian Stainless Steel Development Association (ISSDA) on Wednesday described the India–European Union free trade agreement as a significant step in India’s global trade engagement, while cautioning that adequate safeguards will be needed to protect domestic stainless steel producers, PTI reported.
India and the EU announced the conclusion of negotiations for the FTA earlier this week. Under the agreement, several Indian sectors will gain duty-free access to the 27-nation European bloc, while EU exporters will be allowed entry into the Indian market at concessional duties. The pact is expected to be signed and implemented later this year.
Welcoming the development, Indian Stainless Steel Development Association said the deal offers long-term opportunities for Indian manufacturing but also raises concerns amid intensifying global competition.
“The conclusion of the India-EU free trade agreement is a significant milestone in India’s global trade engagement and reflects the government’s sustained efforts to strengthen strategic economic partnerships,” ISSDA president Rajamani Krishnamurti said in a statement.
He added that the industry body will study the agreement’s provisions in detail and engage with policymakers to ensure that the interests of domestic stainless steel manufacturers are adequately protected as the market opens up further.
The TOI Business Desk is a vigilant and dedicated team of journal...
Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
Read Less
Start a Conversation
Post comment