India’s stainless steel industry has urged the government to introduce protective safeguards following the conclusion of a Free Trade Agreement (FTA) between India and the European Union, citing concerns over rising global competition.
The Indian Stainless Steel Development Association (ISSDA) said on January 29 that while the FTA presents long-term opportunities for Indian manufacturing, domestic producers may face increased competitive pressure once the agreement comes into force.
India and the EU concluded FTA negotiations on January 27, paving the way for duty-free access for several Indian sectors to the EU’s 27-member market, while EU exporters will gain concessional-duty access to India. The agreement is expected to be signed and implemented later this year.
According to ISSDA, policy safeguards will be necessary to protect local stainless steel producers, particularly amid intensifying global competition. The association said it would closely review the FTA’s provisions and continue discussions with policymakers to ensure domestic industry interests are preserved.
VietnamSteel by Hoa Sen Group
