ACEA hails EU-India trade agreement

27 Jan ACEA hails EU-India trade agreement

(Oilandgaspress) -] The European Automobile Manufacturers’ Association (ACEA) welcomes the conclusion of negotiations for a free trade agreement (FTA) between the European Union and India.

The successful end to negotiations is a landmark moment in global trade relations. Running contrary to the global trend, this FTA is a strong statement of intent by both parties to furthering more open and mutually beneficial trade relations.

It will greatly help European automobile exports enter a market of 4 million passenger cars that, until now, has been protected by prohibitively high import tariffs of up to 110%.

The agreement does come with important restrictions such as quota limitations and residual tariffs that will limit the potential benefit to some extent. However, a full assessment of the detailed terms of the deal will begin once the texts are published in the coming weeks.

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