India Offers EU Auto Quota Six Times Larger Than UK Deal (1)

India has agreed to give European automakers a quota more than six times larger than any it has offered before, slashing tariffs under a trade pact with the European Union and granting far greater access to its tightly protected car market.

The agreement will gradually allow up to 250,000 European-made vehicles to enter India at preferential duty rates, according to a statement from the European Commission. While the quota itself is far above the 37,000-unit limit extended to the UK under a separate deal, the deal will see tariffs falling from 110% to as low as 10%, and levies ...