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India should not cut import duties for the automobile sector under free trade agreements (FTAs) with countries like the UK as it will adversely impact the sector and may result in the closure of companies here, economic think tank GTRI said in a report on Wednesday.
The Global Trade Research Initiative (GTRI) said India has not given tariff or duty reductions for cars in its free trade agreements with ASEAN (Association of Southeast Asian Nations), Japan, and Korea.
"Do not cut auto (including electric vehicles) tariffs through FTAs. This will adversely impact auto majors who have invested billions of dollars in India and force them to wind up," it said.
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