The Indian Stainless Steel Development Association (ISSDA) on Wednesday described the free trade agreement between India and the European Union as a significant milestone in India’s global trade engagement, while warning that adequate safeguards will be needed to protect domestic stainless steel producers, PTI reported.India and the EU announced the conclusion of FTA negotiations earlier this week. Under the deal, several Indian sectors will enjoy duty-free access to the 27-nation European bloc, while EU exporters will be allowed to enter the Indian market at preferential duties. The agreement is expected to be signed and implemented later this year.
Welcoming the development, the Indian Stainless Steel Development Association said the deal offers long-term opportunities for Indian manufacturing, but also raises concerns amid intensifying global competition.“The conclusion of the India-EU Free Trade Agreement is a significant milestone in India’s global trade engagement and reflects the government’s sustained efforts to strengthen strategic economic partnerships,” ISSDA President Rajamani Krishnamurti said in a statement.He added that the industry body would study the agreement’s provisions in detail and work with policymakers to ensure that the interests of domestic stainless steel manufacturers are adequately protected as the market opens up further.
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