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Date: 17/10/2024

CBAM unilateral, arbitrary; hurts India’s exports, says Minister

The Carbon Border Adjustment Mechanism or CBAM is unilateral and arbitrary and will hurt India’s exports after its implementation by the European Union, said Ms Nirmala Sitharaman, Finance Minister, while speaking at the Energy Transition Summit. CBAM are tariffs that will apply on energy-intensive goods imported into the European Union (EU). The EU has decided to impose carbon tax CBAM from January 1, 2026, on seven carbon-intensive sectors, including steel, cement, and fertiliser. Engineering goods will come under the purview of this import duty. The decision by the EU may affect the profitability of Indian exporters, as Europe is among the country’s top export destinations. India’s total trade with the EU was USD 137.41 billion in 2023-24, with imports at USD 61.48 billion and exports at USD 75.93 billion, as per a report.
 
Source: Exim News Service: new delhi, Oct. 16



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