India-UK FTA Benefits: 22,000 Premium EVs Of Britain To Enter India At Reduced Duty
India-UK FTA Deal: Sensitive industrial products such as diamonds, silver, base stations, smartphones, etc. are excluded in the India-UK FTA.
India-UK FTA Deal Benefits: India has successfully concluded Free Trade Agreement (FTA) deal with the United Kingdom, marking a major step in facilitating a tariff-less exchange of products and services in both countries. The agreement would lead to elimination of 90% tariffs on exports to Britain from India. There are other countless benefits that both countries will get from the trade agreement.
According to a report by Economic Times, the UK will be allowed to sell 22,000 high-value EVs to India at a reduced duty of 10 per cent. In return, New Delhi will have a quota to sell low- and mid-range EVs to Britain.
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As of India India imposes a duty of more than 100% on automotive items. The ET report stated that there is no duty reduction for EVs outside this quota.
Scotch Whisky Import Incremental
As per ET report, India’s decision to cut tariffs on Scotch whisky to 75% immediately and 40% after ten years would only lead to an incremental increase in imports and not significantly affect the domestic market.
A reduction of tariff from 150% will also help boost FDI in the sector, adding that liberalisation of duties would attract the UK’s expertise in spirit making, quality control, marketing, and consumer awareness, stated the ET report.
Sensitive Industrial Products Out Of Deal
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