Business news : Now Swiss watches and chocolates will be available at low prices

Now people in the country will get high quality products like Swiss watches, biscuits and chocolates at low prices. In fact, India signed free trade agreements with four member countries of the European Free Trade Association (EFTA). These four countries include Switzerland, Norway, Iceland and Liechtenstein.

India and European countries signed Trade and Economic Partnership Agreement (TEPA) to promote trade and investment. The process of implementing these agreements between different countries will take up to a year, an official said. We are giving duty concessions on Swiss watches and chocolates. Some of the famous Swiss watch brands are Rolex, Omega and Cartier.
Nestle is also a Swiss brand. It is a major player in the Indian MMCG industry and manufactures chocolates in India. It is the third largest listed entity in the Indian MMCG segment. Economic think tank Global Trade Research Initiative (GTRI) India has allowed duty concessions to many products imported from Switzerland under the agreement.
Ajay Srivastava, founder of GTRI, said India will soon have access to high quality Swiss products at lower prices. The country has decided to remove duties on many Swiss goods in 7-10 years.
Swiss minister praised the agreement
Swiss Minister Helen Budliger Artida lauded the $100 billion free trade agreement between India and EFT and said India will be the manufacturing hub of the world. He also said that quality goods from India will find a very open market in Switzerland and this Trade and Economic Partnership Agreement will open employment opportunities for Indian youth.
He said, this is a happy moment for us. We have been negotiating this agreement for more than 16 years. I am glad that we have managed to take this forward during the last eight months. This is important for us because of the size of the Indian market. But we are not betting only on the size of the Indian market, rather we believe in the success story of India.
no discount on gold
After the implementation of the agreement, the duty on cut and polished diamonds will be reduced from five percent to 2.5 percent in five years. However, India has not given any duty concession on gold. It has offered a concession of one per cent on the fixed rate of 40 per cent on the document, but the effective duty remains at 15 per cent.