Image : Representational Purpose Only. (Amazon.in)
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 priced below 2.5 euros, there will be no duty concessions.
Indian wines, too, will get duty concessions in the EU member countries. India and the European Union (EU) had earlier accoring to PTI report had announced the conclusion and finalisation of negotiations for a free trade agreement.
The agreement is expected to be signed later this year and may come into force from early next year.
The talks were concluded after 18 years. The negotiations started in 2007.
Under the agreement, India will be giving duty concessions to the wines of the European Union (EU) in line with what it has agreed for Australia and New Zealand, but with slightly lower thresholds. It was a key demand for the EU.
