EU to allow 250,000 Indian cars annually at concessional duty under FTA

The European Union will permit the import of 250,000 Indian-made passenger vehicles per year at a concessional duty of 8% as part of a new free trade agreement. The quota, which covers internal combustion engine and hybrid vehicles, is set to increase to 400,000 units over ten years. The duty will be phased out completely by the fifth year of the agreement's implementation.