India moves WTO against EU’s new steel safeguards, fears trade impact

India has requested consultations with the EU at the WTO regarding the EU’s planned changes to safeguard measures on certain steel imports, which could affect India’s steel industry. The EU’s adjustments, set to begin in two phases, include a 25% out-of-quota duty until 2026 and alterations to residual quotas and quota caps.

The 10th CII India-LAC Conclave emphasized the strengthening of India-LAC trade relations and highlighted potential areas for collaboration including agriculture, food security, renewable energy, and healthcare. Two MoUs were signed to enhance economic cooperation between both regions in various sectors.

Argentina is a major food supplier for India and aims to enhance energy security through partnerships. Bilateral trade reached $4.6 billion, notably in soybean and sunflower oil. Indian investments in Argentina’s mining sector, including lithium, copper, and gold, are expanding. Key agreements in oil and gas sectors are strengthening the strategic partnership.

Commerce and industry minister Piyush Goyal suggested India pursue bilateral free trade agreements with Mercosur members to circumvent stalled preferential trade talks. Goyal emphasized the need for swift negotiations and mentioned India’s concern about non-market economies, particularly China, leveraging the region as a trade route to India.

India may not be severely impacted by Trump’s reciprocal tariffs set for April 2, as the specifics remain uncertain. Treasury Secretary Scott Bessent suggested potential delays and negotiations, giving India a chance to reach a trade deal and possibly avoid the tariffs.

India seems to be preparing for US President Trump’s upcoming tariffs on imports by partnering with Elon Musk’s Starlink Inc. The Modi government is shifting its trade approach to appease the US, potentially disadvantaging local industry giants who have thrived under protectionist measures.

India is considering shifting the sourcing of certain products from countries like Turkey, New Zealand, and China to the US in an effort to reduce its trade surplus with the latter. This move is part of ongoing negotiations for a trade deal and aims to increase trade engagement between the two nations.

Exports of auto components and medical instruments from India have shown strong growth over the past three years. Auto parts exports rose significantly to $7.7 billion in FY24, while medical instruments exports reached $2.43 billion, highlighting India’s increasing global market presence and reduced dependence on imports.

India and Malaysia have agreed to expedite the review of the Asean India Trade in Goods Agreement (AITIGA) for a substantial conclusion by 2025. Both sides also discussed bilateral trade, market access, and other areas of cooperation. A joint committee meeting is scheduled for April 9-11, aiming to advance the review process this year.

The government is addressing trade restrictions with the EU and focusing on sectors like Agri-food, APIs, and Clean Technologies. Aiming for a fair Free Trade Agreement, it also highlights the importance of imports from China for various industries and introduces stringent quality controls to curb sub-standard imports.