Seeking greater access for Indian steel through FTAs, says Piyush Goyal

Commerce Minister Piyush Goyal

India is seeking greater access for its steel through free trade agreements (FTA) with countries and blocs such as the European Union (EU), commerce minister Piyush Goyal said on April 25.

"Working on at least 10 or 12 FTAs with countries or bloc of countries like the EU and in every one of them we are working to see how can we get more access for our cost-effective and high-quality steel sector," Goyal said at an event in Mumbai.

India is negotiating trade agreements with countries including United Kingdom, the United States, and New Zealand and the European Union.

“Today India is called a trusted partner of the world, which is why so many countries want to do FTAs with us, want to expand business with us,” he said.

The push for greater access for Indian steel comes at a time when US President Donald Trump’s administration 25-percent sectoral tariff on the product are expected to push up costs and delay shipment.

India and the US, too, are looking to conclude negotiations for the first tranche of the proposed bilateral trade agreement (BTA) well before the agreed timeline of the autumn of 2025 after both nations signed the terms of reference for the pact, the commerce ministry said on April 15.

While India and the EU are exploring the option of negotiating an FTA in phases amid an uncertain global trade environment, the trade pact with the UK is reportedly near-conclusion.