India-EU FTA opens export quota for Indian companies, expands premium car market

The India-EU Free Trade Agreement (FTA) will give Indian automakers 2.5-lakh-car export quota in Europe in first year, rising to four lakh by 10th year, with tariffs falling to zero by fifth year. Meanwhile, European carmakers can sell one lakh internal combustion engine (ICE) and hybrid cars in India at concessional duties, but cars below €15,000 won't get tariff concessions.