India-EU car tariff cuts outlined in trade talks – report [Yahoo! Finance]
SUZUKI MOTOR CO UNSP/ADR (SZKMY)
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Source: Yahoo! Finance
Citing sources familiar with the matter, the report said New Delhi intends to reduce tariffs on select European vehicles to 40%, down from current rates that reach as high as 110%, once the agreement is finalised and announced. A smaller group of cars priced above €15,000 (Rs1.63m) would see immediate relief, with duties eventually falling to 10%. The move would open the door wider for manufacturers such as Volkswagen, Mercedes-Benz and BMW. Officials involved in the discussions told Reuters that the changes could support bilateral commerce and help Indian exporters of products including textiles and jewellery, which have faced 50% US tariffs since late August. India, described as the world's “third-largest” car market after the US and China, currently imposes duties of 70% to 110% on imported vehicles. One source said the government has suggested allowing around 200,000 petrol and diesel cars a year to enter at the reduced 40% rate, although that figure remains subject to
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