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Presently, India levies an import duty of 30 percent on chocolates and chocolate products and 20 percent on most variants of watches from Switzerland.
The EFTA states have become the first European partner to conclude an FTA with India.
Under the FTA, India will lift or partially remove customs tariffs on 95.3 per cent of industrial imports from Switzerland (excluding gold) either immediately or with transition periods, it added
As part of an agreement, Switzerland has agreed to lower or eliminate tariffs on 99% of products being traded with India and India has given tariff reductions on 95% of product lines. Tariff reductions will happen gradually over 10 years.
India signed a significant trade agreement with the European Free Trade Association (EFTA) comprising Switzerland, Norway, Liechtenstein, and Iceland, committing to a $100 billion investment over 15 years. The Trade and Economic Partnership Agreement (TEPA) aims to increase foreign direct investment (FDI) in India and generate one million direct jobs. The deal, India's first FTA with developed nations, focuses on innovation and collaboration, with investments expected to flow steadily, potentially exceeding estimates.