India Seeks Preferential Steel Export Treatment in EU

India aims to secure preferential treatment for its steel exports as the EU negotiates new steel regulations. This follows India's agreement to eliminate duties on EU iron and steel products. The changes, transitioning to a more restrictive regime, will affect suppliers as the EU looks to replace existing safeguards.

India is positioning itself to secure preferential treatment for its steel exports, amidst the European Union's transition to stricter steel regulations. The EU, comprising 27 nations, is negotiating changes with trading partners having vested interests in the steel sector.

As part of the India-EU free trade agreement, India has committed to phasing out duties on most iron and steel imports from the EU. However, these discussions have not explicitly addressed benefits for India's steel industry. With the EU planning to replace current safeguards with a more rigid regime, the implications are significant for countries like India.

Commerce and Industry Minister Piyush Goyal expressed optimism about achieving favorable terms through discussions, highlighting the ongoing WTO negotiations over new quota regulations, slated to affect both FTA and non-FTA partners significantly.

(With inputs from agencies.)