EU Trade Deal Set to Sip, Savor, and Save: Imported Alcohols to Get Cheaper in India

Image Source: Internet

A historic trade agreement between India and the European Union is all set to bring a wave of affordable luxury to Indian consumers. The landmark deal, dubbed the 'mother of all deals,' is expected to slash import duties on European wines, spirits, and beer, making them more accessible and affordable for the masses. According to the agreement, India will significantly reduce its import tariffs on alcoholic beverages, with premium wines seeing a 70% cut in duties from 150% to 20%, and medium-range wines from 150% to 30%. This drastic reduction is expected to bring down the shelf prices of popular European wines from France, Italy, Spain, and Germany, making them more appealing to Indian consumers. The deal also extends to spirits, including whisky, vodka, rum, and gin, which will see a 73% reduction in tariffs from 150% to 40%. Similarly, import duties on beer will be cut from 110% to 50%, making European beer brands more affordable and widely available in India. The agreement, signed on Tuesday, marks a significant milestone in India-EU trade relations and is expected to boost the availability of Scotch whisky, Irish whiskey, craft gins, and continental beer brands in India, particularly in metro cities and tourism hubs. The deal, which covers nearly 97% of European exports to India, is expected to result in annual duty savings of up to €4 billion ($4.75 billion) for the EU. Prime Minister Narendra Modi hailed the agreement as a 'historic breakthrough' that will unlock new opportunities for India's 1.4 billion people and millions across Europe.