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

The European Union has agreed to allow 250,000 Indian cars to enter its market each year at a reduced duty rate of 8 percent. This concession is part of a free trade agreement between the EU and India, which will gradually lower the duty rate to zero percent over five years. The move is expected to boost India's auto exports and create new trade opportunities, benefiting Indian manufacturers and farmers who export agricultural and processed food items.

Why it matters

The EU's decision to allow Indian cars at concessional duty will increase exports and benefit the Indian automotive industry. This could lead to increased economic activity and job creation in the sector.

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