FTA opens window for base metal exports

THE FREE TRADE agreement (FTA) between India and the European Union (EU) is expected to marka shift in base metals trade froma pre-FTA tariff-bound regime toa post-FTA market-access framework, influencing exports of steel, aluminium, nickel, zinc and leadintoablocthataccounts for nearly 25% of global GDP and about one-third of global trade.

- SAURAV ANAND

Speaking at India Energy Week, Prime Minister Narendra Modi said that “just yesterday, a significant agreement was signed between India and the European Union,’which he said people across the world are calling the “mother of all deals.” He said the agreement brings opportunities for India’s 140 crore people and millions across European nations, and reflects coordination between two of the world’s largest economies. The Prime Minister said the deal represents nearly 25% of global GDP and about one-third of global trade, adding that beyond trade, it strengthens the shared commitment to democracy and the rule of law.