Berlin, Oct. 22 -- Union Commerce and Industry Minister Piyush Goyal on Thursday criticised the European Union's carbon tax on steel, saying the bloc was "inviting disaster" by imposing additional costs that could raise the cost of living and undermine the competitiveness of its industries.

Addressing the Berlin Global Dialogue, Goyal said the EU's Carbon Border Adjustment Mechanism (CBAM) and other regulatory restrictions could increase the cost of steel and other industrial materials, adversely affecting European businesses and consumers.

"You put a CBAM (Carbon Border Adjustment Mechanism) on yourself. You put a 50 per cent import duty to bring steel into your country. You're inviting disaster. Your cost of living will go up," Goyal ...