Stainless steel industry body flags need to safeguard domestic players under India-EU FTA

New Delhi, Jan 28 (PTI) Stainless steel industry body ISSDA on Wednesday termed the breakthrough trade deal between India and the European Union as a "significant milestone", and said it will engage with policymakers to ensure appropriate safeguards for domestic players.
     India and the EU announced the conclusion of negotiations for the free trade agreement (FTA) on Tuesday, 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 Indian Stainless Steel Development Association (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.
     "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.
     "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," he added.

(This story has not been edited by THE WEEK and is auto-generated from PTI)