NEW DELHI, May 31 — German carmaker Mercedes-Benz wants India’s next government to forge more free trade agreements (FTAs) and reduce trade barriers to help boost luxury car...
A Mercedes-Benz GLA model car kept on display is pictured at a company's event inside a hotel in New Delhi October 14, 2015. — Reuters picNEW DELHI, May 31 — German carmaker Mercedes-Benz wants India ’s next government to forge more free trade agreements and reduce trade barriers to help boost luxury car sales in one of the world’s biggest auto markets, its country head said.
Asked about issues Mercedes-Benz would like to see resolved when the new government takes charge next month, its India managing director and CEO, Santosh Iyer, said increased FTAs and reduced trade barriers “remain highly desirable from economic growth perspective”.“In the mid to long term, we want the Indian luxury car market to grow,” said Iyer. “In India, we are on a strong growth path.”
Analysts, however, say a lack of FTAs — which typically allow more favourable tax regimes between nations — and trade barriers such as India’s high import taxes on cars and components deter companies from expanding local production.Import taxes on completely built cars worth more than US$40,000 is 100 per cent in India.
Modi’s government has finalised FTAs with Australia, United Arab Emirates and a four-nation European bloc in the last 10 years, but has missed several deadlines to sign off on trade deals with the UK, while a deal with the EU is being negotiated.
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