Even as India and the UK attempt to iron out the creases under the proposed trade deal, New Delhi is treading with caution. While it is ready to give the UK access to its passenger vehicle (PV) market, it also wants to place a cap on the number of units that will be allowed to enter India once the deal comes to fruition.
India has proposed a tariff rate quota (TRQ) that will impose a ceiling on the number of PVs (under 100,000 units) to be allowed to be imported on a concessional tariff.
The import duty for these PV units (under TRQ) will be eliminated in a phased manner over five years, two people aware of the matter but not directly involved in the negotiations informed Business Standard.
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