New Delhi, June 27 -- India's steel exports to the European Union (EU) could decline by 24 per cent following the full implementation of the Carbon Border Adjustment Mechanism (CBAM), according to a study by the Indian Council for Research on International Economic Relations (ICRIER).

The EU formally began collecting duties under CBAM in January this year, based on the reported carbon content of shipments entering the bloc.

The study, which uses ICRIER's Samriddhi Trade computable general equilibrium model, found that the carbon tax burden would fall on Indian exporters, adversely affecting gains from trade with the EU.

India's overall global iron and steel exports are projected to decline by 5.7 per cent, compared with 1.2 per cent fo...