CHEAPER SWISS CHOCOLATES, WATCHES FOR INDIANS
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11 March 2024
India signed a free trade pact with the European Free Trade Association (EFTA) that will have a significant impact
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The bloc includes four countries - Switzerland, Norway, Iceland and Liechtenstein
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PM Modi has lauded the Trade and Economic Partnership Agreement (TEPA), calling it a "watershed moment"
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As part of the deal, India has given certain concessions to Switzerland reducing duties on chocolates and watches
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The levy will be brought down to zero in equal instalments over a seven-year period, as per NDTV Profit
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At present, India levies an import duty of 30% on chocolates and 20% on most variants of watches that come from Switzerland
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The March 10 agreement with EFTA will come into force after the ratification process is completed by all the parties involved
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As per NDTV Profit, total trade between India and the four EFTA nations stood at $18.66 billion in 2022-23
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Out of this, the largest share belonged to Switzerland, followed by Norway
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India has also offered concessions on Swiss arriving with CIF (shipping price that covers costs, insurance and freight)
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