Sula Vineyards Celebrates India-EU FTA Safeguards for Wine Industry

Sula Vineyards, India's leading wine company, supports the India-EU Free Trade Agreement for protecting domestic wine interests. The FTA establishes a minimum import price and ensures phased duty reductions for European wines. This strategy aligns with the previous India-Australia agreement and allows market access for Indian wines in the EU.

Sula Vineyards, India's largest wine company, has announced its approval of the India-EU Free Trade Agreement, which offers significant protections to the local wine industry. The treaty includes a minimum import price of 2.5 euro per 750 ml bottle, addressing key domestic concerns.

With the final details of the India-EU FTA to be officially announced, Sula believes the framework achieves a balanced outcome by protecting over 90% of Indian wines priced below Rs 1,500 and facilitating market growth. Drawing comparisons to the phased duty reductions in the India-Australia FTA, Sula anticipates a similar gradual approach for European wines.

After 18 years of negotiation, the agreement is set to be signed later this year and could be enacted early next year. It includes duty concessions to the EU comparable to those for Australia and New Zealand but with slightly lower thresholds. This ensures Indian wines gain market access in the EU, satisfying a major EU demand.

(With inputs from agencies.)