Following the conclusion of the landmark India-European Union Free Trade Agreement (FTA), Indian consumers can expect a range of European goods to become more affordable once the pact is implemented. Under the agreement, tariffs on a large majority of EU exports into India will be eliminated or significantly reduced over time, widening choices and lowering prices on several categories of products.
One of the most talked-about impacts is on imported automobiles. Tariffs on EU-made cars — which were previously as high as 110 per cent — will be phased down gradually, potentially reaching much lower rates over a few years. This is expected to make premium European brands such as Mercedes-Benz, BMW and Audi more attainable for affluent buyers, although reductions may take time to appear at showrooms.
Food and beverage items imported from Europe are also set to become more affordable. Wines, whiskies, beers, olive oil, chocolates and processed foods could see price drops as import duties fall.
In addition, pharmaceuticals, medical devices and high-tech machinery from EU countries are expected to benefit from tariff relief, which could help reduce equipment and medicine costs. Experts say this could improve access to advanced medical technology and lower healthcare input costs for providers and patients.
Other European specialty products such as olive oil, pasta, premium fruit juices and certain processed foods are also likely to get cost relief as respective tariffs are cut or eliminated incrementally.
Overall, while price changes won’t be
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