A landmark trade deal between the European Union and India is set to dramatically lower import tariffs on European cars, a move analysts believe will encourage greater manufacturing investment in the world's third-largest auto market. The agreement, expected to be ratified early next year, will see India gradually reduce its steep import duties on cars from the 27-nation bloc from as high as 110% down to 10% over the next five to ten years. While full details remain unpublished, European industry sources indicate the agreement includes specific quotas for vehicles with internal combustion engines and mild hybrids. • ... (full story)