Goa, July 25 -- The recently signed India-United Kingdom Free Trade Agreement (FTA) is set to bring down import duties on premium spirits, including whisky and gin, paving the way for potentially lower prices of international liquor brands in India. However, industry experts believe the price drop may be limited, with reductions estimated at around Rs.300 per bottle.

Finalised after over three years of negotiations, the landmark trade agreement was signed in London on Thursday by Indian Commerce Minister Piyush Goyal and UK Trade Secretary Jonathan Reynolds during Prime Minister Narendra Modi's visit to Britain.

Under the terms of the FTA, India will slash the existing 150% import duty on British whisky and gin to 75%, with a further re...