India-EU Sign "Mother Of All Deals" Slashing Tariffs On Wine, Cars And Billions In Trade

Описание: History was made when India and the EU reached a Free Trade Agreement (FTA) after 19 years of complicated talks. India’s Prime Minister, Narendra Modi, claimed this deal is the best trade agreement to date.

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The FTA allows Indian exporters such as textiles, leather, marine products, chemicals, rubber, base metals and precious stones to have access to 99.5 percent of all goods sold to the EU over a period of seven years. As a result, it will save European businesses nearly four billion euros each year through reduced/waived duties.

Of particular note in this FTA deal is its effect on the pricing of alcohol. Tariff rates on wine will go from 150 percent down to 20 percent for premium wines; while tariffs on beers and spirits will also be drastically reduced. Furthermore, India’s auto sector will become much more accessible since import duties for passenger vehicles will drop down to 10 percent — helping major European car manufacturers greatly.

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