If you love French wine or Belgian chocolates, you know how hefty import duties have made many European food items expensive in India–well, until now. That’s set to change with the landmark India–EU Trade Deal. On Tuesday, the European Union announced that over 90% of its goods exports to India will see significant duty reductions. Here’s what it means for you.
All About India-EU Trade Deal
In what is being called the ‘Mother of all trade deals’, India and the EU have finalised a long-pending free trade agreement. According to NDTV, it took nearly 18 years of negotiations to reach the iconic India-EU Trade Deal. As per the statements issued by the EU and India, import duties will be reduced or completely eliminated on more than 90% of EU goods.
This deal will save EU member nations up to 4 billion euros in duties on European products. From machinery and spacecraft to motor vehicles and food items, a wide range of European imports into India will see a revised import duty.
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Cheap European Food Is Coming Soon: Here’s What To Expect
Here, we are focusing on European food and beverages that will get cheaper soon –
1. Premium oils like olive oil, margarine, and other vegetable oils will be fully duty-free. From the current 45%, it will go down to 0%.
2. Processed foods like bread, pasta, biscuits, pastries and bakery goods, chocolate, confectionery, and pet food will also be completely duty-free.
3. Import duties on European fruit juices and non-alcoholic beverages will be reduced from 50% to 0%.
4. There will be tariff reductions on European wines, from current 150% to 20%. Also, cognac, premium gins and vodkas will get cheaper in phased manner.
5. Fresh European fruits, such as pears and kiwis, will see import duties fall from 33% to 10%, within the quota.
6. Processed meat foods, not raw meat imports, will see import duties going down from 110% to 50%.
7. Sheep meat imported from European Union producers will now be exempt from import duties, NDTV reported.
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These changes will greatly help restaurants, cafes and hotels. Let us know your thoughts about them in the comments.
Cover Image Courtesy: Instagram/narendramodi & Canva Pro/ValentynVolkov
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