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.
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.
