Indian representatives at the free trade agreement (FTA) negotiations with the European Union (EU) will seek relaxations of quotas and tariff rates for Indian steel products as part of a trade deal, government officials in India said on Monday, January 16.
The officials said that Indian steel mills have made several representations to the Indian government pointing out that existing quotas and tariffs applicable for India are impeding increases in steel exports to the EU region, and officials at the ongoing trade talks will seek relaxations of these quotas and tariffs to be built into the basic structure of the proposed India-EU FTA.
India and the EU relaunched talks on an FTA last year, which had been stalled since 2007 and the end of 2023 has been set as the new target for the conclusion of a trade agreement.
Officials in India said that Sweden assuming the presidency of the EU Council on January 1, 2023, had provided a fresh impetus for the early conclusion of a trade deal between the two regions.