9,344.97 TL BIST 100 BIST 100
4.32 CNY CNY CNY
30.97 $ USD USD
€33.45 EUR EUR
0.13 CNY CNY/EUR CNY/EUR
43.24 TL Interest Interest
82.70 $ Fossil Oil Fossil Oil
23.17 $ Silver Silver
3.87 $ Copper Copper
119.59 $ Iron Ore Iron Ore
398.00 $ Ship Dismantling Ship Dismantling
43.24 TL Gold (gr) Gold (gr)

India seeks assurance from UK on carbon tax

India wants assurances from the UK that it will not impose a carbon tax on imports of steel and other carbon-intensive goods as part of ongoing free trade agreement (FTA) negotiations.

India seeks assurance from UK on carbon tax

This concern stems from the UK's plans to introduce a Border Carbon Adjustment Mechanism (CBAM) similar to that introduced by the European Union.

Indian officials have stated that they want the FTA to include provisions requiring bilateral consultations with New Delhi before any CBAM-like measures are introduced. This will give India the opportunity to negotiate exemptions or discounts on its exports.

However, UK officials have expressed reluctance to accept India's demands, arguing that no decision has been taken on the implementation of CBAM. They also suggested that India's concerns were premature as the EU's CBAM was not yet fully operational and its impact on India's exports was still uncertain.

India has already spoken out against the EU's CBAM program in the past, arguing that it unfairly targets developing countries and could harm the steel industry. The country has threatened to challenge CBAM at the World Trade Organization (WTO) if it considers the measure discriminatory.

The UK CBAM is expected to come into force in 2026, at the same time as the implementation of the EU CBAM. The UK government has stated that the CBAM is necessary to protect domestic industry from competition from countries with less stringent environmental regulations.

The ongoing FTA negotiations between India and the UK are expected to be challenging; The CBAM issue is also likely to be a major sticking point. Both sides will need to find a compromise that addresses India's concerns while also protecting the UK's environmental objectives.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Pakistan's scrap imports increased

Wednesday, February 21, 2024

In December 2023, the US section beams exports decreased

Wednesday, February 21, 2024

SMS Group and Hasçelik launched a strategic partnership

Wednesday, February 21, 2024

Ferroalloy production in Ukraine fell by 57% in 2023

Wednesday, February 21, 2024

Morocco's green hydrogen ambitions: Overcoming uncertainties on the path ahead

Wednesday, February 21, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now