India Targets Global Steel Expansion Through 10–12 FTA Negotiations: Piyush Goyal

Mumbai, Apr 26 (KNN) India is actively pursuing expanded market access for its steel exports through ongoing free trade agreement (FTA) negotiations with multiple countries and regional blocs, federal trade minister Piyush Goyal announced on Friday.

Speaking at an industry event in Mumbai, Goyal emphasized the government's commitment to the steel sector, stating, "I am working on at least 10-12 FTAs with countries or block of countries like the European Union... and in every one of them we are working to see how we can get greater access for our cost-effective and high quality steel sector."

The trade negotiations form part of India's broader strategy to reposition its global trading relationships as Asia's third-largest economy. 

Current negotiations include separate trade pacts with major economies such as the United States, European Union, and the United Kingdom. 

These efforts come amid ongoing uncertainty surrounding U.S. tariff policies under President Trump, which have created apprehensions about potential trade disruptions and contributed to market volatility worldwide.

During the same event, Minister Goyal addressed concerns regarding metallurgical coal imports, a critical raw material for steel production. 

He urged domestic steel manufacturers to take measures to safeguard their supply chains. 

This guidance follows New Delhi's recent initiation of an anti-dumping investigation earlier this month concerning metallurgical coal imports from several countries, including Australia, China, Colombia, Indonesia, Japan, and Russia.

The dual focus on expanding export opportunities while securing essential raw material supplies reflects India's comprehensive approach to strengthening its position in the global steel market while addressing vulnerabilities in its manufacturing supply chain.

(KNN Bureau)