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EU curbs fail to dent India's steel exports as most retain FTA benefits
Why in News?
EU tightened steel curbs, yet most Indian exports were unaffected: the FTA clause GS3 trade answers need
Most of India's steel exports to the EU continue to enjoy FTA-linked benefits despite tighter EU import curbs.
Why it matters: general awareness
What you need to know
2 min read
Despite new European Union curbs on steel imports, a large majority of India's steel exports to the EU continue to retain benefits under free trade arrangements, cushioning the impact on Indian exporters.
The EU has been tightening steel-import safeguards partly in response to global overcapacity concerns, particularly linked to Chinese steel.
India has been negotiating a free trade agreement with the EU that would further shape market access for its steel sector.
Sources: Topper IAS editorial (PIB / The Hindu / Indian Express)
Key facts
Remember these
- EU has tightened steel-import safeguards, partly citing global overcapacity linked to Chinese steel
- A large majority of India's steel exports to the EU continue to retain FTA-linked benefits
- India and the EU are negotiating a free trade agreement that will further shape steel market access
- The FTA-linked benefits are cushioning the impact of the new EU curbs on Indian exporters
Prelims · Mains
How the exam will ask it
Prelims
- The EU's tightened steel-import safeguards are partly linked to concerns over global overcapacity, particularly Chinese steel.
- Most of India's steel exports to the EU currently retain benefits under free trade arrangements despite the new curbs.
- India is currently negotiating a free trade agreement with the EU that will shape future steel market access.
Mains
GS3 (Economy) - The issue concerns the effect of EU import safeguards on India's steel exports; the provision at play is India's retention of FTA-linked benefits, which has limited the impact so far. The implication is that a future India-EU FTA will be critical in determining longer-term market access, so trade negotiators must secure durable safeguard-related carve-outs going forward.
Quick recall
Answer before you reveal
India's steel exports to the European Union have recently been cushioned from new EU import curbs mainly because of which of the following?
- A complete EU exemption for all steel-exporting countries
- A WTO ruling suspending the EU's curbs
- India's steel exports being redirected entirely to Africa
- Retention of benefits under free trade arrangements
Show answer
Answer: D — A large share of India's steel exports to the EU continues to retain benefits under free trade arrangements, limiting the impact of the EU's tightened import curbs.
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