English
Imported wines, whisky and beer from Europe are expected to become more affordable in India after the India-European Union Free Trade Agreement (FTA) came into effect. The deal is expected to lower prices of several premium alcoholic beverages. Under the agreement, India will reduce import duties on a range of alcoholic drinks, making European brands more accessible to Indian consumers. The trade pact was finalised in January after nearly 18 years of negotiations that began in 2007.
The agreement came into force on July 15. Officially known as the India–EU Free Trade Agreement, it lowers customs duties, improves market access for businesses and sets clearer trade rules for companies in both regions.
In simple terms, the FTA makes it easier and less expensive for eligible Indian goods to enter European markets, while allowing selected European products to be imported into India at lower tariffs.
According to a factsheet released by the European Commission:
This is also the second major trade agreement in recent years to lower duties on alcohol imports. Under India’s earlier deal with the UK, tariffs on British whisky and gin were reduced from 150% to 75%, with a further reduction to 40% planned over the next decade.
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