Swiss watches, chocolates to get cheaper

The GTRI said that after the implementation of the agreement, tariffs or duties would become zero for Swiss goods like coal except steam and coking coal, most medicines, and dyes.

“Tariff to be reduced to zero in 5 years are Cod liver oil, Fish body oil; and duties over which India would eliminate the customs duties in 7 years are Tuna, Trout, salmon, Olive oil, Cocoa bean, powder, Malt products, corn flakes, Instant tea, Roasted chicory, Most machinery, Bicycle parts, Clock, watches,” the GTRI analysis said.

It added that items such as smartphones, Olives, Avocado, Apricot, Coffee, capsules, mate, Hop cones, Caramel, Chocolate, products, Medical equipment (most) would see duty elimination in ten years.

“Tariff reductions are there on sugar – 50 per cent in 10 years; and on Cut and polished diamonds – reduction to 2.5 per cent (50 per cent duty in 5 years),” the analysis said.

For wines, it said duty concessions are similar to those given to Australia, with no concessions for wines costing less than USD 5.

“Wines priced between USD 5 and less than USD 15 will see a duty reduction from 150 per cent to 100 per cent in the first year, then decreasing gradually to 50 per cent over 10 years,” Srivastava said.

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