India-UK free trade deal: Cars from Britain to get cheaper
Cars imported from Britain to India are expected to see significant price benefit owing to the FTA between the two countries.
While announcing the FTA, Indian PM Narendra Modi said in a post on X, 'In a historic milestone, India and the UK have successfully concluded an ambitious and mutually beneficial Free Trade Agreement, along with a Double Contribution Convention."
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While announcing the conclusion of the FTA, the two countries also announced the closing of talks for the Double Contribution Convention Agreement. However, talks on the proposed bilateral investment treaty between the two countries are still on, Reuters has reported. The FTA is expected to double bilateral trade between India and the UK significantly by 2030.
India-UK FTA: Which cars to be cheaper
Some of the most luxurious car brands hail from the UK, including automakers like Jaguar, Land Rover, Rolls-Royce, Aston Martin, Bentley, Mini, etc. Demand for such cars in India has shot up in the past couple of years, with a growing focus on ultra-luxury passenger vehicles, especially from the rich consumers as well as new generation buyers. With the free trade agreement concluded between the two countries, expect the export volume of the cars from the abovementioned automakers in India to shoot up.
The majority of the cars from these brands are imported to India via the Completely Built Unit (CBU) route. Now with the FTA in place, despite the CBU route being followed, the consumers of these cars are likely to pay less than what they used to till date. However, there is a quota for the benefit's availability and the number specified under the quota is yet to be revealed.
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