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Informist, Wednesday, Jul. 15, 2026

 

NEW DELHI – India has been able to reach to a balanced outcome on the free trade agreement with the UK, which includes steel export measures, Commerce Minister Piyush Goyal said Wednesday. "Free trade agreement reflects an equitable and balanced outcome and covers a wide spectrum of subjects including steel," Goyal said in a joint press point after the India-EU Trade and Technology Council meeting.

 

The minister's remarks come on the day of the India-UK free trade agreement coming into effect and in the light of the UK government's new quota for steel imports. The UK government announced this measure to reduce dependence for steel on other countries and to increase domestic production. This was seen as a huge risk to the Indian steel industry. 

 

India had known issues around the UK's steel import measures before New Delhi concluded the free trade agreement with the UK, Goyal said. "When you are negotiating, there are trade-offs looking at the sensitivities of different countries. I think we have been able to come to a balanced outcome, including the steel measures," the minister said.

 

As per the UK's steel quota, which came into effect on Jul. 1, the UK government will limit tariff-free steel imports, reducing overall quota volume by 51% compared with the earlier steel safeguard measures. Any imports above the country-specific quotas face a tariff of 50%. The measures apply to imports of steel products that can be made in the UK.

 

The new quota for steel imports in the UK is "broadly well in alignment of ensuring that global trade in steel remains fair, gives opportunity for all countries to take care of their steel production capacities," Goyal said. "Just as India is ensuring that we take care of our steel manufacturers", he added.

 

Earlier in the day, the Comprehensive Economic and Trade Agreement between India and the UK came into force nearly a year after it was signed. The implementation of the agreement was delayed because of the UK's curbs on steel imports.

 

The trade agreement will allow India to export goods worth $140 million to the UK, Commerce Secretary Rajesh Agarwal had said. Under the deal, the UK has committed to tariff concessions on 99% of India's exports to the UK. India has offered duty cuts on 90% of the tariff lines. India is aiming to achieve a $100 billion bilateral trade with the UK in 3–4 years.

 

On Tuesday, a senior government official had said India's steel exports to the UK could reach around $1 billion in the financial year 2026-27 (Apr-Mar) after New Delhi renegotiated better quotas for the sector under the free trade agreement. In FY26, India and the UK's total trade was $25.13 billion, up 9%. India exported goods worth $13.44 billion and imported goods worth $11.68 billion.  End

 

US$1 = INR 96.26

 

Reported by Shweta

Edited by Deepshikha Bhardwaj

 

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