• Friday, July 19, 2024

Business

EU to tackle India’s concerns over import of high carbon goods

Indian industry officials estimate that nearly $8 billion of exports such as steel and iron ore would face tariffs initially, but all goods exported to the EU will be covered by 2034

By: Eastern Eye

The European Union has assured New Delhi that it will hold two-way talks to tackle its concerns over tariffs proposed on imports of high carbon goods such as steel and iron ore from India, the bloc’s climate policy chief said last Friday (26).

Last month, the 27-nation EU approved the world’s first plan to impose from 2026 a levy on imports of high-carbon goods ranging from aluminium and cement to power, fertilisers and hydrogen, aiming to reach net zero greenhouse emissions by 2050.

Indian industry officials estimate that nearly $8 billion of exports such as steel and iron ore would face tariffs initially, but all goods exported to the EU will be covered by 2034.

The EU official, Frans Timmermans, said he was confident the issue would be resolved bilaterally and it was too early to worry about the impact of penalties on exports from India.

“If CBAM has undesired results then we can correct it,” Timmermans said.

(Agencies)

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