India-EU FTA: Boosting Bilateral Trade and Steel Industry Growth

The India-EU Free Trade Agreement (FTA) marks a positive leap in enhancing bilateral trade, focusing significantly on the steel industry and low-carbon steel production. The agreement promises to boost India's economic growth and steel demand while providing the EU with concessions in the Indian market.

The India-EU Free Trade Agreement, heralded as a major triumph for bilateral relations, is set to revolutionize trade dynamics between the two regions, particularly in the steel sector. The Indian Steel Association lauds this as a pivotal step towards cultivating a robust relationship with the EU.

Currently, India exports around 3-4 million tonnes of steel to the EU, while imports remain significantly lower. The agreement is expected to adjust quotas in India's favor, potentially increasing trade volumes substantially. ISA President Naveen Jindal emphasized this deal's potential to stimulate India's economy and bolster domestic steel demand.

The free trade agreement extends beyond steel, offering sweeping benefits across various sectors, including apparel and chemicals. As India secures duty-free access to the EU, the EU gains entry to the Indian market under reduced tariffs, specifically in automobiles and wines.

(With inputs from agencies.)