India, Jan. 28 -- In a landmark shift for global trade, India and the European Union (EU) have officially finalised a long-awaited Free Trade Agreement (FTA) that will significantly reduce import tariffs on European-built cars - a move widely expected to reshape the Indian luxury and performance car market. The deal, described by officials as one of the most important trade agreements in years, opens the door for more affordable European automobiles for Indian customers, including enthusiasts in Srinagar and across Jammu & Kashmir.What the New Tariff Structure Means:

Under the agreement, tariffs on fully built cars imported from EU countries will be phased down sharply over a number of years. Currently, European cars face effective impor...