2024-03-11 01:54:09
New Delhi: Now people in the country will get Swiss Watches and Chocolates at lower prices. Their price is going to reduce. Actually, India has signed a free trade agreement with a group of European countries named Switzerland, Norway, Iceland and Liechtenstein. In this agreement, a deal has been made to reduce the tariff. India will gradually eliminate customs duties on high-quality Swiss products such as wrist watches, chocolates, biscuits and wall clocks under its trade agreement with the EFTA bloc. This will give domestic customers access to these products at lower prices. India and the four-European country grouping EFTA have signed a Trade and Economic Partnership Agreement (TEPA) on Sunday to promote mutual trade and investment.
it will take one year
The members of the European Free Trade Association (EFTA) are Iceland, Liechtenstein, Norway and Switzerland. Due to the detailed process of approving this agreement in different countries, it will take up to a year to be implemented. “We are giving duty concessions on Swiss watches and chocolates,” said an official. Some of the famous watch brands from Switzerland are Rolex, Omega and Cartier. Swiss brand Nestlé is a leading company and chocolate manufacturer in the Indian FMCG (daily-used household goods) market. It is the third largest listed company in the Indian FMCG segment.
fee concession given
According to an analysis of TEPA documents conducted by the Global Trade Research Initiative (GTRI), an economic research institute, India has given duty concessions on many products imported from Switzerland under the agreement. Ajay Srivastava, founder of GTRI, said, “India has decided to remove duties on many Swiss goods over seven to 10 years. This will enable Indian customers to get high quality Swiss products at lower prices.”