EU to allow 2.5 lakh Indian cars at concessional duty under FTA; quota to reach 4 lakh in 10 years

The European Union will permit 2.5 lakh Indian passenger vehicles annually at a reduced 8 percent duty. This import duty concession will gradually decrease to zero percent over five years. Quotas for electric and hybrid vehicles also receive phased duty reductions and increases. Certain Indian agricultural and processed food items will also benefit from duty concessions. The free trade agreement is expected to be signed and implemented soon.