New Delhi: abolition of Tariff or import duty on industrial goods Switzerland This is seen to help exporters of Indian textiles, footwear and other industrial inputs going to the European nation.
The move comes at a time when India is in the final stages of negotiations for a trade pact with the European Free Trade Association (EFTA), which includes Iceland, Liechtenstein, Norway and Switzerland. In trade negotiations, the government usually bargains for tariff reductions. products of its interests as well as opening up services and investment flows into the country.
Chemicals and precious and semi-precious stones are among the top export commodities from India. Swiss negotiators are demanding easier intellectual property rights, especially patent, rules for pharma companies in return for a promise to invest more in India.
Swiss officials said tariffs on industrial goods ranging from bicycles to household appliances to clothing have been eliminated, with tariffs on agricultural products including processed food and fisheries still in place. “As of January 1, 2024, imports of industrial products into Switzerland are exempt from customs duties. This will result in direct tariff savings and less administrative work for Swiss importers and lower prices for consumers. Net welfare benefits for Switzerland It is estimated at CHF 860 million (over $1 billion), an official statement said.
Furthermore, Swiss authorities have estimated indirect benefits, such as those related to productivity, for companies at around CHF 270 million.
The move comes at a time when India is in the final stages of negotiations for a trade pact with the European Free Trade Association (EFTA), which includes Iceland, Liechtenstein, Norway and Switzerland. In trade negotiations, the government usually bargains for tariff reductions. products of its interests as well as opening up services and investment flows into the country.
Chemicals and precious and semi-precious stones are among the top export commodities from India. Swiss negotiators are demanding easier intellectual property rights, especially patent, rules for pharma companies in return for a promise to invest more in India.
Swiss officials said tariffs on industrial goods ranging from bicycles to household appliances to clothing have been eliminated, with tariffs on agricultural products including processed food and fisheries still in place. “As of January 1, 2024, imports of industrial products into Switzerland are exempt from customs duties. This will result in direct tariff savings and less administrative work for Swiss importers and lower prices for consumers. Net welfare benefits for Switzerland It is estimated at CHF 860 million (over $1 billion), an official statement said.
Furthermore, Swiss authorities have estimated indirect benefits, such as those related to productivity, for companies at around CHF 270 million.
