Goyal encourages the steel industry to best utilize the India-Australia trade accord 

Date:

Related stories

Will Traffic pollutants impact brain health?

Science & Technology, Canada (Commonwealth Union) – Air pollution...

Concern by the Samoan government as Canberra grants work visas!

SAMOA (Commonwealth Union)_Samoa's Acting Prime Minister is concerned that...

South Africa’s load shedding burdening industry, developing legislation for energy projects

By Savithri Rodrigo Cape Town, South Africa (Commonwealth Union)_Plagued by...

Are there Cyber Threats to Manufacturing Companies?

By Wasana Nadeeshani Sellahewa (Commonwealth) _ Previously, industrial businesses were...

GHG reduction: it’s time for a propulsion revolution

By Wasana Nadeeshani Sellahewa (Commonwealth) _ Ambitious IMO objectives of...

India (Commonwealth Union)_Commerce Minister Piyush Goyal advised the local steel sector to make the most of the India-Australia Economic Cooperation & Trade Agreement (ECTA) and seek out new business opportunities in Australia. He made the remarks while addressing the third edition of the ISA Steel Conclave. The ECTA was approved by the Australian Parliament a few days ago.  

According to him, developed nations believe that the Indian economy will drive global growth. He noted that, with the current deal with Australia, all of India’s steel exports to Australia will be duty-free. Hence, he encouraged the sector to use the maximum benefits of this agreement and explore new prospects in Australia. The minister added that these types of trade deals with wealthy nations will create new prospects for the youth as well as enterprises across all industries. 

According to Goyal, the nation’s steel sector is a big stakeholder and a substantial contributor to export revenues. He pushed steelmakers to promote Brand India and noted that the steel business is the easiest way for India to promote its products globally. Goyal added that the export tariff on steel and different steel products was implemented as a temporary measure to ensure pricing stability and development momentum in the country. According to him, the government’s initiatives have resulted in the reduction of inflation. 

ecnomictimes.indiatimes.com
 

The minister expressed gratitude to the steel industry for understanding the issue and providing unwavering support for the government’s measures. “The government’s effort has been to protect the Indian Steel Industry through ‘Melt and Pour’ provision in our FTAs,” he said, adding that only under this provision, the locally manufactured steel in those nations can be imported into India. 

With the abolition of export taxes on steel, he believes the Indian steel sector will maintain its competitive advantage on the global market. Highlighting that the supply of coking coal is a significant challenge for the steel industry, Goyal asked the sector to work together with prestigious universities and carry out research to provide alternative solutions.

Subscribe

Stay up to date with the latest news from the Commonwealth Union

Latest stories

Sri Lanka’s most vulnerable paddy farmers get fertilizer, seed and training

Colombo Sri Lanka (Commonwealth Union)_The economic crisis including the...

where could you retire to boost and enhance  your memory?

Europe UK (Commonwealth Union) – The countryside is generally...

IS participation of women required for meanigful Sustainable development?

Maldives (Commonwealth Union)_ According to Ambassador Thilmeeza Hussain, Permanent...

A star-studded field to begin the games!

KENYA (COMMONWEALTH UNION) – There has been a calling...

Check what happens when temperatures drop below zero!

Canada _ (Commonwealth Union) _ According to a US...

LEAVE A REPLY

Please enter your comment!
Please enter your name here