Piyush Goyal says EU carbon tax on steel is ‘inviting disaster’

Commerce and industry minister Piyush Goyal has said the European Union’s carbon border adjustment mechanism (CBAM) on steel is ‘inviting disaster’. Speaking at the Berlin Global Dialogue on Thursday, 22 October, Goyal said a 50% import duty on steel and a growing web of regulations will push up the cost of living in Europe, weaken competitiveness and invite retaliatory trade measures from partners. He cited falling German auto sales as evidence the EU is already losing ground. Fortifying its own competitiveness, India is working on balanced trade partnerships, he added.

Separately, Goyal said the India-EU free trade agreement, formally the Broad-based Trade and Investment Agreement, may be signed by end-2026 and become operational within four to five months. Under the deal, over 99% of Indian exports by value will get preferential EU access, while the EU will eliminate tariffs on about 70.4% of tariff lines immediately, Mint reports.

Update, 23 October 2026: Deccan Chronicle now also reports Goyal’s Berlin Global Dialogue speech, repeating his ‘inviting disaster’ line on the EU’s steel carbon tax and his warning that higher costs for steel, aluminium and cement will hit European infrastructure projects including ports and highways. It adds no new fact or figure beyond what Economic Times, Mint and Fortune India had already reported.