India clears 642-car import quota from UK under India-UK trade agreement
India's Directorate General of Foreign Trade approved seven companies to import 642 cars. These imports will occur under the India-UK free trade agreement's tariff rate quota provisions. The government had sought applications for a quota of approximately 5,000 vehicles for the year 2026. This approval marks the first allocation under the 2026 quota following recent applications. The agreement…
India has approved the import of 642 cars from the UK under the India-UK free trade agreement, according to a report by The Economic Times. The Directorate General of Foreign Trade (DGFT) granted approvals to seven companies after receiving applications in July for the allocation of import quotas for fully built passenger cars and goods vehicles from the UK.
The India-UK Comprehensive Economic and Trade Agreement (CETA) came into effect on July 15, providing for concessional customs duty on vehicle imports from Britain subject to specified quotas. The tariff rate quota mechanism allows imports of specified quantities of goods at a lower or preferential duty rate, with tariffs on automotive imports set to fall from around 110% to 10% under the agreement.
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