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India and the UK have agreed under the Comprehensive Economic and Trade Agreement

ICICIdirect Research 18 Jun 2026 DISCLAIMER

News: As per media sources, India and the UK have agreed under the Comprehensive Economic and Trade Agreement (CETA) to safeguard bilateral steel trade, with nearly 85% of India's steel exports exempted from the UK's steel safeguard measures. 

View: The development is small but sentimentally positive for domestic steel exporters as it ensures continued access to the UK market despite recent trade restrictions. However, the direct impact is likely to be limited, with India exporting only ~0.14 MT of steel to the UK in FY26 (~2.1% of total steel exports). Against the backdrop of the UK's stricter import measures effective July 2026, the exemption granted to 85% Indian steel exports supports the opportunities for domestic steelmakers, particularly JSW Steel, which is one of the largest steel exporters among Indian steel companies.

Impact: Positive

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