Piyush Goyal Pushes for Broader Market Access for Indian Steel Through FTAs
India is negotiating multiple FTAs to increase steel exports, focusing on key markets like the EU, UK, US, and New Zealand, aiming to boost global trade relations.
FREMONT, CA: India’s Commerce Minister, Piyush Goyal, announced that the country is actively working on securing greater market access for its steel through free trade agreements (FTAs). India is negotiating with various countries and economic blocs, including the European Union (EU), the United Kingdom (UK), the United States, and New Zealand. Goyal stated that India is focusing on at least 10 to 12 FTAs to boost its steel exports and enhance its global trade relations.
India focuses on securing greater access for its cost-effective and high-quality steel sector through FTAs. The primary objective is to open up essential markets crucial to the country’s steel industry, which continues to be a significant economic driver for India. The government is actively working on these FTAs to ensure better market opportunities for Indian steel globally.
The Importance of Steel in India’s Trade Agenda
India’s steel sector is a cornerstone of its industrial growth, and gaining easier access to foreign markets through FTAs could help solidify the country’s position as a global leader. The Indian government has identified steel as a key area for growth in trade agreements. With global demand for high-quality, cost-efficient steel on the rise, India is looking to capitalise on this opportunity, pushing its steel exports as a reliable and competitive offering to international markets.
India’s steel sector faces stiff competition, particularly from countries like China, which dominates global steel production. However, India’s steel, which is known for its cost-effectiveness and quality, could gain an advantage in key markets if tariff and trade barriers are reduced or eliminated under FTAs.
The EU and UK Trade Talks: Progress and Potential
India is also looking toward the European Union (EU) and the United Kingdom for trade agreements that could include steel provisions. Talks with the EU are in progress, with the possibility of negotiating an FTA in phases to accommodate the unpredictable nature of the global trade environment. Meanwhile, India’s FTA negotiations with the UK are reportedly nearing completion, potentially opening a new chapter in trade relations between the two countries. As a former EU member, the UK could be a key market for Indian steel following the Brexit transition.
A Trusted Partner in Global Trade
Minister Goyal expressed confidence that India is now seen as a trusted partner in global trade. This reputation is helping the country secure numerous FTA deals with foreign nations. As countries seek to expand business opportunities with India, the government uses these partnerships to boost key sectors like steel. India’s proactive approach to FTAs highlights the country’s growing role in shaping the global economic landscape.
With ongoing negotiations and a strong focus on key sectors like steel, India is positioning itself to unlock more international trade opportunities, benefiting from both traditional and emerging markets. The shift towards enhancing steel access via FTAs is critical in achieving India’s broader trade goals.
