The India-EU Free Trade Agreement (FTA) is a "long-awaited and positive development" that will significantly strengthen bilateral trade, particularly in steel, and accelerate cooperation in low-carbon steel production, the Indian Steel Association (ISA) said on Tuesday.
Currently, the Indian steel industry exports 3-4 million tonnes of steel annually to the EU, while EU exports to India stand at 0.3-0.4 million tonnes, ISA said, adding that India can reasonably expect a higher allocation as the quota review takes place.
"Beyond steel trade, the FTA will expand overall economic engagement between India and the EU, providing a strong impetus to India's growth and, in turn, driving domestic steel demand," ISA President Naveen Jindal said in a statement.
The ISA "welcomes this agreement and is confident it will also accelerate cooperation in the area of low carbon steel", he said.
The ISA is consulted by the Government of India during FTA negotiations, ensuring industry perspectives are well represented, the statement added.
India and the European Union on Tuesday announced the conclusion of negotiations for the free trade agreement (FTA), under which a number of domestic sectors such as apparel, chemicals and footwear will get duty-free entry into the 27-nation bloc, while the EU will get access to the Indian market at concessional duty for cars and wines.
Currently, the Indian steel industry exports 3-4 million tonnes of steel annually to the EU, while EU exports to India stand at 0.3-0.4 million tonnes, ISA said, adding that India can reasonably expect a higher allocation as the quota review takes place.
"Beyond steel trade, the FTA will expand overall economic engagement between India and the EU, providing a strong impetus to India's growth and, in turn, driving domestic steel demand," ISA President Naveen Jindal said in a statement.
The ISA "welcomes this agreement and is confident it will also accelerate cooperation in the area of low carbon steel", he said.
The ISA is consulted by the Government of India during FTA negotiations, ensuring industry perspectives are well represented, the statement added.
India and the European Union on Tuesday announced the conclusion of negotiations for the free trade agreement (FTA), under which a number of domestic sectors such as apparel, chemicals and footwear will get duty-free entry into the 27-nation bloc, while the EU will get access to the Indian market at concessional duty for cars and wines.
