New Delhi: The European Union will allow 2.5 lakh Indian-made passenger vehicles to enter its market annually at a concessional duty of 8 per cent under a bilateral free trade agreement, with the quota rising to 4 lakh vehicles, according to the draft text released by the EU.
These import duty concessions cover Indian-origin internal combustion engine (ICE) passenger cars and hybrid electric vehicles (HEVs) priced up to Euro 50,000 on a CIF (cost, insurance, freight) basis.
