EU carbon tax is ‘inviting disaster’, says Piyush Goyal
The commerce minister warned that the European Union’s carbon border adjustment mechanism (CBAM) will inflate EU living costs and hurt industry.
Indian Commerce and Industry Minister Piyush Goyal recently criticized the European Union's carbon border adjustment mechanism (CBAM), calling it "inviting disaster." Speaking at the Berlin Global Dialogue 2026, Goyal stated that imposing a 50% import duty on steel entering the EU would lead to increased costs for consumers, dissatisfaction among the public, and reduced competitiveness for European industry.
New Delhi has secured assurances from the EU that any flexibilities granted under CBAM regulations will also extend to India. Additionally, the India-EU free trade agreement (FTA) may be implemented within four to five months, with signing expected at the end of the calendar year. This rapid progress is attributed to the mutual commitment demonstrated during negotiations, which began in 2007, paused in 2013, and resumed in 2022.
The FTA aims to eliminate or reduce tariffs on 99% of Indian exports by value and 97% of tariff lines, benefiting the country's MSMEs and creating employment opportunities.
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