Global Statistics

All countries
704,753,890
Confirmed
Updated on May 20, 2024 2:53 am
All countries
560,567,666
Recovered
Updated on May 20, 2024 2:53 am
All countries
7,010,681
Deaths
Updated on May 20, 2024 2:53 am

Global Statistics

All countries
704,753,890
Confirmed
Updated on May 20, 2024 2:53 am
All countries
560,567,666
Recovered
Updated on May 20, 2024 2:53 am
All countries
7,010,681
Deaths
Updated on May 20, 2024 2:53 am
spot_img

India will not accept unfair taxes on steel, aluminum industry: Goyal on EU’s carbon tax

Commerce and Industry Minister Piyush Goyal expressed deep concerns regarding the European Union’s decision to impose a carbon tax on imports from specific sectors such as steel. He assured the Indian domestic industry that India would not accept these unjust taxes and would actively fight for a fair deal for its producers and exporters.

India has already raised its concerns regarding the carbon tax with the European Union and the World Trade Organization. The Carbon Border Adjustment Mechanism (CBAM), set to take effect from January 1, 2026, will require domestic companies from carbon-intensive sectors to share data about their carbon emissions with the EU starting from October 1 this year.

Minister Goyal emphasized that India is taking the issue seriously and is committed to advocating for a fair deal for its producers and exporters. He stated that India will explore innovative solutions and collaborate with other countries to address this significant concern. Additionally, he highlighted that the EU must recognize India’s status as a developing economy and allow for “common but differentiated responsibility” on this matter.

According to a report by the Global Trade Research Initiative (GTRI), CBAM could result in a 20-35% tax on specific imports into the EU, affecting India’s exports of iron ore pellets, iron, steel, and aluminum products worth USD 7.4 billion in 2023.

Minister Goyal also mentioned the government’s efforts to enhance the steel industry’s access to different countries through free trade agreements (FTAs). To safeguard domestic steel players from unfair practices like dumping, India is incorporating provisions such as stringent value-added norms and “melt and pour” techniques in these agreements. He encouraged the industry to report businesses engaged in irrational imports that negatively impact domestic manufacturing and demand.

Regarding steel production, Minister Goyal expressed confidence in achieving the goal of doubling production to approximately 300 million tonnes per year by 2030. He also urged the industry to explore alternatives to coking coal imports, emphasizing the importance of research and development and sustainable production practices, including steel recycling, to reduce pollution and dependency on imported coking coal.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_imgspot_img
spot_img

Hot Topics

Related Articles