New Delhi, Jan. 27 -- European wines are set to become cheaper in the Indian market under the bilateral free trade agreement (FTA), as the Indian government has agreed to reduce import duties on these products.

This means that wines imported from countries such as France, Italy and Spain will face lower taxes in India, making them more affordable and widely available for consumers.

At present, imported wines are subject to a steep import duty of 150% in India. However, under the pact, this duty will be reduced to 75%. Eventually, it will be slashed to as low as 20% for premium wines and 30% for mid-range wines, as per an official release by the European Commission.

Meanwhile, for cheaper wines, which cost below 2.5 euros, there will be...