The tariff out of the quota on the vehicles will be gradually reduced
Under the India Free Trade Agreement (FTA), many sensitive industrial products like diamond, silver, smartphones and optical fibers will not give any concession to Britain companies in tariffs. An official gave this information. He also said that the fee concession on the import of petrol and diesel engine vehicles from Britain is limited to pre-determined quota. Similarly, the quota of imports of British electric vehicles (EV) at a discounted rate of customs is limited to just a few thousand.
India’s ability to emerge as a global leader in automotive value chain
Sensitive industrial items like plastic, diamond, silver, base station, smartphone, television camera tube, optical fiber, optical fiber bundle and cable have been excluded from the FTA list. India does not give any import tariff benefit to Britain on these items. Regarding opening the automobile sector, the official said that as the fourth largest automobile manufacturer at the global level, India has a strategic ability to emerge as a global leader in the automotive value chain.
India’s share in automobile market low
Despite India’s strong manufacturing base, its share in the Global Automobile Market remains low, which reflects the widespread possibilities of expansion. Access to the UK market for traditional fuel vehicles is likely to promote exports of automobile and automobile components for traditional fuel vehicles. The official said, “There has been no shortage of tariffs outside the quota for EV. Sensitivity associated with EV has been taken care of.
The tariff out of the quota on the vehicles will be gradually reduced
The tariffs out of the quota on ICE vehicles will be gradually reduced in the long run, allowing our industries to get time to combat the import growing imports. ”India and Britain on Tuesday signed a historic free trade agreement, which will reduce tariffs on 99 percent of Indian exports and make it easy to export India, cars and other products to British companies. The objective of this agreement is to double the two -way trade by 2030 to the current US $ 60 billion.
With PTI inputs
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