The Indian stainless steel industry has sought assurances from the government following the free trade agreement (FTA) with the European Union (EU), although the agreement offers long-term opportunities, the Indian Stainless Steel Development Association (ISSDA) said in a statement on Thursday, January 29.
On January 27, India and the EU concluded negotiations on an FTA under which several domestic sectors will get duty-free entry into the 27-nation bloc and EU exporters will get preferential access to the Indian market duty. The pact is likely to be signed and implemented this year.
According to ISSDA, the agreement provides long-term opportunities for Indian manufacturing, but there is a need to protect local producers in the face of increasing global competition.
“While India's broader trade objectives advance, we will carefully review the provisions of the agreement and continue to engage with policymakers to ensure the interests of the domestic stainless steel industry are adequately protected,” the statement said. ISSDA.
