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India may slash duties on import of luxury cars from European Union under the proposed free trade agreement, but with a quantitative restriction on the number of vehicles to be shipped in, sources said.
The option is being considered by the Commerce Ministry as a compromise between protecting the interest of the domestic automobile industry and the hard bargain being sought by the the 27-nation bloc for the much-delayed FTA to conclude, they said.
Under the FTA, officially known as Bilateral Trade and Investment Agreement (BTIA), the EU has sought substantial reduction or even elimination of duties in export of its automobiles,particularly the high-end passenger cars, to India.
Duty on European cars to be cut; but with import quota - The Economic Times
The option is being considered by the Commerce Ministry as a compromise between protecting the interest of the domestic automobile industry and the hard bargain being sought by the the 27-nation bloc for the much-delayed FTA to conclude, they said.
Under the FTA, officially known as Bilateral Trade and Investment Agreement (BTIA), the EU has sought substantial reduction or even elimination of duties in export of its automobiles,particularly the high-end passenger cars, to India.
Duty on European cars to be cut; but with import quota - The Economic Times