India and the European Union have signed an agreement that will reduce the import tariff on fully-imported vehicles from 110 per cent to 10 per cent. Understandably, it has caused a stir among car enthusiasts. Here’s what you should know before you run for your chequebook.

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India and the European Union concluded a long-awaited trade agreement, boosting prospects for Indian exporters while reshaping the competitive landscape for local manufacturers.

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India plans to cut tariffs on European Union car imports to 40% from as high as 110% as the two sides near a free‑trade pact that could be sealed as early as January 27, a report said