India’s stainless steel industry has sought safeguards from the government following the conclusion of a free trade agreement (FTA) with the European Union (EU), even though the agreement offers long-term opportunities, the Indian Stainless Steel Development Association (ISSDA) said in a statement on Thursday, January 29.
India and the EU concluded negotiations on an FTA on January 27, under which several domestic sectors will get duty-free entry into the 27-nation bloc, while EU exporters will get access to the Indian market at concessional duty. The pact is likely to be signed and implemented this year.
According to the ISSDA, the agreement provides long-term opportunities for Indian manufacturing, but there is a need to protect local producers in the wake of rising global competition.
"While India's broader trade objectives are advanced, we will closely study the agreement's provisions and continue engaging with policymakers to ensure that the interests of the domestic stainless steel industry are appropriately safeguarded," the ISSDA said.
