The absence of any agreement on the carbon border adjustment mechanism (CBAM) casts a cloud over Indian steel exports to the region, as it would raise the cost of exports and eat into profits.
India is negotiating separate free trade agreements (FTAS) with the UK and EU.
"There is a sense of urgency in finalizing these FTAs and arriving at some consensus since the government's term is set to end," one of the three people said on the condition of anonymity. Talks on the CBAM would be held separately by the steel and external affairs ministries with their foreign counterparts, the official added.
The ministries of commerce and steel did not respond to queries sent on Monday.
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