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The Economic Times
The Economic Times

India-EU FTA: EU gets tariff quota for 1 lakh cars initially, rising to 1.6 lakh

European Union India FTA Euro Ajay Srivastava GTRI

New Delhi: The India-EU free trade agreement will allow European Union carmakers to export up to 1 lakh passenger vehicles a year to India initially at concessional import duties, with the quota rising gradually to 1.6 lakh vehicles from the 10th year, according to the draft text of the pact released on Friday.

The tariff-rate quota (TRQ) covers EU-origin internal combustion engines (ICE) and hybrid electric vehicles (HEVs), with the concessional duty varying according to the vehicle's CIF (cost, insurance, freight) value.

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