Luxury Cars, Wines, Medicines: What Will Be Cheaper After India-EU Pact | Read

The sealing of the Free Trade Agreement between India and the European Union after an 18-year wait will bring joy to many, connoisseurs of wine and whiskey and automobile enthusiasts, among them. The trade pact, which European Commission President Ursula von der Leyen had described as "the mother of all trade deals", will open up the European markets for Indian goods. At the same time, it will make imported European items cheaper in India by reducing duties. 

European cars such as Mercedes, BMW and Audi currently attract an import duty of over 100 per cent. According to the agreement, cars costing more than 15,000 euros -- around Rs 16 lakh -- will now attract a duty of 40 per cent. This duty will be further reduced to 10 per cent, slashing prices of these cars by lakhs.