Berlin, October 23, 2026 (Yes Punjab News)
Commerce and Industry Minister Piyush Goyal has cautioned European countries that imposing the Carbon Border Adjustment Mechanism (CBAM) alongside a 50 per cent import duty on steel could increase living costs, undermine industrial competitiveness and leave consumers worse off.
Speaking during a question-and-answer session at the Berlin Global Dialogue 2026, Goyal warned against trade measures that raise costs for domestic industries and consumers.
“If you have put a CBAM on yourself, you put a 50 per cent import duty to bring steel into your country, you are inviting disaster,” he said.
“Your cost of living will go up. Your people will be unhappy. Your industry will be out priced,” he added, stressing that trust remains the hardest currency in business.
At another event in Berlin, Goyal said India-Germany bilateral trade could expand from around €31 billion to €310 billion if the two countries leverage their complementary strengths and jointly develop products and technologies. He did not specify a timeline for achieving the target.
Goyal is visiting Germany and the Netherlands from October 22 to 27, accompanied by a delegation of around 100 Indian businesses and startups.
German Federal Minister for Economic Affairs and Energy Katherina Reiche also called for reducing bureaucratic hurdles and pursuing joint projects, saying bilateral trade could double.
Addressing the India-Germany Business Roundtable and inaugurating the India Centre of the German Council on Foreign Relations, Goyal said the India-European Union free trade agreement (FTA) was expected to be signed by the end of 2026 and could become operational within four to five months thereafter.
Goyal and Reiche also discussed cooperation in artificial intelligence, semiconductors, advanced manufacturing, critical minerals, green hydrogen, renewable energy, energy storage and resilient supply chains.
In a social media post, Goyal said the proposed India-EU FTA could be a game-changer, helping businesses in both countries realise their full potential.
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