India-EU FTA: A Boost for Trade, Caution for Stainless Steel Industry

The India-EU free trade agreement marks a pivotal moment in India's international trade arena, offering long-term benefits for Indian manufacturing sectors. However, the Indian Stainless Steel Development Association (ISSDA) emphasizes the need for protective measures to shield domestic producers from heightened global competition.

The recent India-EU free trade agreement marks a crucial development in India's global economic strategy, as announced by the Indian Stainless Steel Development Association (ISSDA) this Wednesday. The trade deal is seen as a "significant milestone" that could redefine trade dynamics between India and the 27-nation European bloc.

With this agreement, several Indian domestic sectors are poised to enter the EU market duty-free, while European exporters gain access to India on concessional duties. The agreement holds promise for substantial long-term opportunities in Indian manufacturing, according to ISSDA.

However, ISSDA President Rajamani Krishnamurti underlined the importance of safeguarding local producers amid increasing global competition. He stressed the need for continued dialogue with policymakers to ensure the interests of the domestic stainless steel industry are well protected.