European wines, spirits and beer to get cheaper in India after landmark EU trade deal

IMported European alcoholic drink, including insurance premium wines, spirits and beer, is go under to suit significantly cheaper in republic of india following the landmark free trade agreement (FTA) between India and the European Union, billed as the “mother of all deals”.Under the pact, India will sharply reduce import duties on alcoholic beverages, which currently rank among the highest in the world, opening the door for lower retail prices and wider availability of European brands.Track live updates on India-EU trade deal hereSharp cuts in wine dutiesImport tariffs on wines, currently as high as 150%, will be brought down to 20% for premium wines and 30% for medium-range wines, according to a statement released by EU after the pact was signed.This steep reduction is expected to substantially lower shelf prices for popular European wines from France, Italy, Spain and Germany, making them far more accessible to Indian consumers.Spirits and beer also to get cheaperTariffs on spirits, including whisky, vodka, rum and gin, which currently go up to 150%, will be reduced to 40% under the agreement. Similarly, import duties on beer will be cut from 110% to 50%, significantly lowering prices for European beer brands.This is expected to boost availability of Scotch whisky, Irish whiskey, craft gins and continental beer brands in India, especially in metro cities and tourism hubs.India, EU ink trade dealIndia and the European Union on Tuesday sealed what Prime Minister Narendra Modi described as the “mother of all deals”, clinching a landmark free trade agreement after nearly two decades of negotiations to create a vast market of two billion people.Also read: Why India-EU trade deal is a 'mother of all' agreements that has drawn US attentionLeaders on both sides said the pact would help India and Europe better navigate global economic uncertainty and reduce their exposure to risks arising from the dominance of the United States and China.Under the agreement, tariffs on nearly 97% of European exports to India will be slashed or eliminated, resulting in annual duty savings of up to €4 billion ($4.75 billion), according to the 27-nation bloc.Calling it a historic breakthrough, Modi said the deal would unlock new opportunities for India’s 1.4 billion people as well as millions across Europe. He added that the agreement covers nearly 25% of global GDP and about one-third of world trade, making it one of the most significant trade pacts in recent years.