India-EU FTA: Stainless steel body seeks safeguards for domestic industry

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.