EU can learn from India on cutting regulatory burden, says Piyush Goyal as Dutch minister rules out CBAM rethink

The Hague: The EU can take a lesson or two from India when it comes to lowering the regulatory burden of businesses, commerce and industry minister Piyush Goyal said Monday during his address at the India-Netherlands Business Forum even as his Dutch counterpart ruled out a rethink on the EU Carbon Border Adjustment Mechanism (CBAM) saying that rules related to climate and quality of products are crucial but those that are unnecessary and hinder trade need to be looked at.

Noting that India is deregulating, Goyal said: "Sadly, you need to take a lesson or two from us on that...With Europe adding to the regulatory burden of businesses, whenever I say that, I become the darling of the business in your countries, because I have had so many occasions where I have talked about the huge regulatory overburden."

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"When it comes to climate, quality of products, security and safety of products, these are rules that very much benefit the consumers of the European market. And of course, we should keep those rules. But where there are rules that are not necessary, where there are rules that hinder trade unnecessarily. Of course, we need to look at them when it comes to regulation," said Sjoerd Sjoerdsma, minister of foreign trade and development cooperation, The Netherlands.