Cheers to New Horizons: EU-India Wine Trade Transformation

European wines are set to enter the Indian market at reduced prices due to import duty concessions under the new EU-India free trade agreement. In contrast, Indian wines and other alcoholic beverages will enjoy reduced tariffs in EU member countries, boosting the wine trade between these regions.

European wines are poised to make a more prominent entry into the Indian market, as the recently concluded EU-India free trade agreement will see import duties significantly reduced. The duty on high-end European wines will decrease from 150 percent to 20 percent, marking a pivotal shift in trade between the regions.

While Indian wines, too, will benefit from increased market access in the EU, gaining a competitive edge due to eliminated duties. This arrangement extends to other alcoholic beverages, underpinning a boost in exports and catering to the growing demands of the Indian diaspora in Europe.

The agreement, which took 18 years of negotiations, aligns with prior deals India inked with Australia and New Zealand. A strategic model is employed, ensuring a gradual reduction of wine tariffs, echoing the phased approach seen in India's agreements with other trade partners.

(With inputs from agencies.)