India-EU FTA: European Wines, Beer, Cars And Food Items Set To Get Cheaper | Deal Details Explained (Pic Credits: PxHere)
India-EU FTA: Imported European alcohol, including wines, spirits and beer, is expected to become cheaper in India following the landmark Free Trade Agreement (FTA) signed between India and the European Union. The deal, described by Prime Minister Narendra Modi as the “mother of all deals”, promises steep cuts in import duties that could significantly lower retail prices and expand consumer choice.
Under the agreement, India will sharply reduce import tariffs on European wines, which currently stand among the highest globally. Duties of up to 150% will be slashed to 20% for premium wines and 30% for mid-range varieties, according to the European Union.
The move is likely to bring down prices of popular wines from France, Italy, Spain and Germany, making them more affordable and widely available across Indian markets.
The FTA also provides major relief on spirits and beer. Import duties on spirits such as whisky, vodka, rum and gin will be reduced from levels as high as 150% to 40%. Beer tariffs, currently around 110%, will be cut to 50%.
Industry watchers expect the changes to boost the presence of Scotch whisky, Irish whiskey, European craft gins and continental beer brands, particularly in metro cities and tourist destinations.
India and the European Union sealed the long-pending trade pact after nearly two decades of negotiations, creating a combined market of around two billion people. Leaders on both sides said the agreement would help diversify trade ties and reduce dependence on major global economies such as the US and China.
As part of the deal, tariffs on nearly 97% of European exports to India will be reduced or eliminated. The EU estimates annual duty savings of up to €4 billion (around $4.75 billion) for European businesses.
Calling it a historic breakthrough, Prime Minister Modi said the agreement would unlock new economic opportunities for India’s 1.4 billion people and millions across Europe. The pact covers nearly a quarter of global GDP and about one-third of world trade, making it one of the most significant trade agreements in recent years.
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