India secures steel market access under UK trade pact

India-UK Ceta and the accompanying social security pact will come into force on 15 July

- Harsh Kumar

India has secured safeguards for its steel exports under the India-UK free trade agreement (FTA) and remains confident that exporters will not lose market access despite the UK’s new steel trade measures, according to a top government official.

The official further said that nearly 85% of India’s steel exports to the UK remain outside the scope of Britain’s steel trade measures that are scheduled to take effect from 1 July. Of India’s steel shipments to the UK, only about $12 million in exports are subject to the safeguard regime. India has secured protection through a combination of country-specific quotas, residual quota allocations and access under the Authorised Use Scheme.

Steel safeguards were among the key outstanding issues during implementation. India and the UK have now arrived at a mutually agreed arrangement that preserves India’s access to the market in UK. “India will not lose market access. India will retain market access even in the affected part,” one of the persons cited above said.