Nov. 25 (Bloomberg) -- The group that represents luxury-goods companies and other creative businesses in Europe called on India to reduce duties on their products by more than half.
A “significant” cut in duty from more than 34 percent is necessary for full foreign ownership of single-brand stores to be effective, the European Cultural and Creative Industries Alliance, or ECCI, said today in a statement. India decided yesterday to allow foreign companies to own 100 percent of their main stores in the country, up from a prior limit of 51 percent.
The levy cut should take place as part of ongoing negotiations on the EU-India Free Trade Agreement, said the ECCI, whose members include Italy’s Fondazione Altagamma, France’s Comite Colbert and Walpole British Luxury.
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