ABSTRACT
India's trade in steel is less than a percent of the global trade in steel, as is the trade for all commodities. Trade seems to be indispensable in a globalized world of production and investments; it is through trade that countries not only specialize and put resources to the best possible use, but also, mitigate the presently overwhelming problem of overcapacity. India has signed free trade agreements (FTAs) with several countries of the world; including all the countries of South Asia (Thailand, Singapore and Malaysia from ASEAN), Belarus, the Ukraine and Russia from the CIS, Bosnia Herzegovina and a broad-based trade agreement with the EU. Sections of the Indian steel industry have appealed to the Ministry of Steel to take steel out of the FTAs. The Exim Bank has calculated the normalized revealed comparative advantage of iron and steel exports to various regions across the world is the diagrammatic representation of the findings.
