India-UK Comprehensive Economic and Trade Agreement (CETA)

THE MUCH-ANTICIPATED TRADE AGREEMENT BETWEEN INDIA AND the United Kingdom has taken shape, and it means big positives for the automotive industry, with a reduction in import duty to the tune of up to 90 per cent.

- 

So far as the treatment of customs duties goes, it is stipulated that each Party to the agreement will reduce or eliminate duties on originating goods according to its respective tariff commitments.

Importers can claim a lower most-favoured-nation (MFN) duty, if applicable, and Parties can unilaterally accelerate duty reduction.