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High-End Cars To Medicines: India-EU FTA Will Make These Items Cheaper
High-End Cars To Medicines: India-EU FTA Will Make These Items Cheaper
Prime Minister Narendra Modi on Tuesday said the India-EU free trade agreement is a blueprint for shared prosperity for the global good and will provide stability at a time when the world order is witnessing turmoil.
“This is not just a trade agreement. This is a new blueprint for shared prosperity," Modi said, adding that India has concluded the largest free trade agreement in its history.
Modi was speaking at a joint press meet with European Council President Antonio Costa and European Commission President Ursula von der Leyen after the conclusion of negotiations for the India-EU free trade agreement.
Noting that there is turmoil in the global environment, Modi said, “India-EU will provide stability to the world order…India-EU cooperation is a partnership for global good".
The Prime Minister further said the India-EU FTA will help increase cooperation in maritime sector and cybersecurity.
Sharing my remarks during the India-EU Business Forum. https://t.co/MXJIaE7eE4— Narendra Modi (@narendramodi) January 27, 2026
A look at what will be cheaper once the FTA comes into effect:
Cars: Premium luxury European cars, such as BMW, Mercedes, Lamborghini, Porsche, and Audi, are set to become cheaper in the Indian market once the bilateral free trade agreement comes into force, likely next year, as India will offer quota-based import duty concessions under the pact, an official said.
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. The two sides have agreed on “quota" based duty concessions, an official from the Commerce Ministry told PTI. This has been done to protect the Indian auto industry, which is growing at a fast pace.
The EU will eliminate duty in a phased manner for Indian automobiles, whereas India will reduce the levies to 10 per cent for specified numbers.
Italian carmaker Lamborghini, which sells vehicles in India with prices starting around Rs 3.8 crore, imports all its models. The EU FTA is likely to be beneficial for the company.
Wines: European wines are set to enter the Indian market at lower prices under the bilateral free trade agreement as India will provide import duty concessions under the pact, an official said. Under the pact, the duty on EU wines would fall from 150 per cent to 20 per cent (for expensive ones).For wines below 2.5 euros, there will be no duty concessions. Indian wines, too, will get duty concessions in the EU member countries.
The official said Indian wine too will get market access in the EU, which can cater to the demands of the growing Indian diaspora. The EU will eliminate duties for Indian wine.
“Like auto, wine is one of the biggest exportable items for the Indian industry. So for them, it is very important. And we have given duty concessions in a calibrated way. The duties will be reduced in seven years," the official said.
In the alcoholic beverages segment, India's exports to the EU include wines (USD 1.4 million in 2024-25), blended whiskeys, Vodka, Brandy, and liqueurs (USD 24.5 million). The imports are wines (USD 7.9 million), blended whiskeys, brandy, Gin Tequila, Vodka, Liqueurs (USD 87.8 million).
Medicines: The agreement will make imported medicines for cancer and other critical illnesses cheaper in India. It will also reduce the prices of medical equipment imported from Europe to India. The pact will also provide India-manufactured medicines with a market in 27 European markets.
Machinery: The trade deal ends tariffs on spare parts of aircraft, mobile phones and high-tech electronic items imported from Europe. This will reduce the manufacturing costs of gadgets in India, benefiting the end consumer. This means mobile phones could get cheaper.
Steel and Chemical Products: There is a proposal for zero tariffs on iron, steel and chemical products. This would potentially reduce raw material prices in the construction and industrial sectors, benefiting homebuyers. The trade deal is a big win for Indian exports and will open up the huge European market for garments, leather and jewellery made in India.
With PTI, Agency inputs
Source: News18
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