New Delhi, Sept. 15 -- India will be able to export up to 1.64 million metric tonnes of steel annually to the European Union (EU) under the India-EU free trade agreement (FTA), significantly expanding preferential market access, but exporters will continue to face carbon-related costs under the EU's Carbon Border Adjustment Mechanism (CBAM), according to the pact's legal text.

The agreement provides India with an additional preferential quota of 694,853 tonnes, over and above the existing 946,616-tonne WTO quota.

The combined quota would cover about 68.4 per cent of India's 2.4 million tonnes of steel exports to the EU in 2025, compared with 39.4 per cent under the existing quota, Reuters reported.

Steel Above Quota Faces 50% Tariff

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