By bno - Kolkata Office India is preparing to make its most significant concession yet in opening its tightly protected car market, agreeing to sharply lower import duties on vehicles from the European Union as part of a long-awaited free trade agreement expected to be announced this week,

India-EU deal could cut car tariffs to 40% as New Delhi and Brussels push closer trade ties amid U.S. tariff pressure and global uncertainty.

By Aditi Shah NEW DELHI, Jan 25 (Reuters) - India plans to slash tariffs on cars imported from the European Union to 40% from as high as 110%, sources said, in the biggest opening yet of the country's vast market as the two sides close in on a free trade pact that could come as early as Tuesday.

India plans to reduce tariffs on cars imported from the European Union to 40% from as high as 110%, as part of a free trade agreement that could be announced as early as Tuesday, CNBC reported on Monday.

The government of Prime Minister Narendra Modi has agreed to immediately lower import taxes on a limited number of cars from the 27-member European

India is set to significantly slash import duties on European cars, potentially to 40% from over 100%, as a free trade agreement with the EU nears conclusion. This move opens India's auto market, benefiting European brands like BMW and Volkswagen,

New Delhi has proposed slashing import duties to 40% immediately for about 200,000 combustion-engine cars a year, one of the sources said, its most aggressive move yet to open up the sector.