Gulte Movie News And Politics
The India-US interim trade agreement being described as fair, equitable and balanced by Union Commerce minister Piyush Goyal would benefit the exporters, of various sectors in India. The framework for the interim deal was finalized on February 7 while the formal deal is expected to be inked around March.
Under the framework, Harley-Davidson motorcycles with engine capacity between 800-1600cc range will enter the country duty-free from day one. India will also reduce the tariff on other high-end American vehicles.
Duties on cars with 3,000cc will drop to 30 per cent from the earlier 110 per cent, while electric vehicles have not been included in the deal. Lower and mid-tier automobiles will also not get any tariff concessions.
In response to this, India will receive a preferential tariff-rate quota for export of automotive parts. The change in the duties and tariffs will be effective after the agreement is signed, which is likely to be in March.
The tariffs on Indian exports will get reduced to 18 per cent, after the US issues an executive order likely by next week.
Tags Harley Davidson
