India-UK Free Trade Agreement Overcomes Steel Barrier; 85% of Indian Exports Protected from UK Restrictions

India has successfully negotiated protection for 85% of its steel exports to the United Kingdom as part of the forthcoming free trade agreement. The remaining steel exports will be subject to country-specific quotas and other access mechanisms. This agreement addresses a significant hurdle ahead of the operational launch of the Comprehensive Economic and Trade Agreement, scheduled for July 15.

The free trade agreement is part of broader efforts by India and the UK to enhance bilateral trade ties, which have been a focal point in recent bilateral discussions. Prior to this agreement, Indian steel exporters faced challenges related to tariffs and market access in the UK, which is a key destination for Indias steel products.

The inclusion of quotas and access schemes for the remaining shipments aims to strike a balance between supporting domestic industries in the UK and enabling Indian exporters to compete in the market. With India being the second-largest producer of steel globally, this move is expected to bolster its steel industry while contributing to economic growth through increased exports.

The free trade agreement is part of Indias strategy to diversify trade partnerships and reduce reliance on traditional markets, positioning itself as a competitive player in the global steel trade.