"The agreement will reduce or remove tariffs on 96.6% of EU exports to India. While sensitive agricultural products have been left off the table for both sides, many products seen as vital for the EU's export machine are part of the deal including cars. India has agreed to give Europe's carmakers a quota six times larger than any previously offered, granting companies such as Volkswagen, Mercedes-Benz and BMW far greater access to a market that has long been tightly ring-fenced."
"New Delhi has levied tariffs of between 70% and 110% for imported cars and as a result, European car brands have barely penetrated the market. If and when the deal is ratified, 250,000 European-made vehicles will be allowed to enter India annually at different preferential rates, depending on the price and engine type. Cars outside the quota will face higher tariffs."
The trade deal between India and the EU will reduce or remove tariffs on 96.6% of EU exports to India. Sensitive agricultural products were excluded from concessions by both sides. The agreement includes key EU export products such as cars. India agreed to grant European carmakers a quota six times larger than previously offered. If ratified, 250,000 European-made vehicles may enter India annually under preferential rates by price and engine type, while cars outside the quota face higher tariffs. Indian tariffs previously ranged from 70% to 110%, limiting European market penetration. German industry groups and manufacturers welcomed the improved market access.
Read at www.dw.com
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