Earlier this year, the European Free Trade Association (EFTA) — comprising Switzerland, Liechtenstein, Iceland, and Norway — signed an agreement with India, the world’s fastest-growing major economy, to strengthen bilateral trade relations. Although the deal has been signed, each EFTA member nation must still secure approval from their respective governments or relevant authorities before the agreement can come into effect. Once fully ratified, India will begin a phased reduction of import duties on Swiss watches, lowering the current rate of 22% to 0% over the course of seven years
But when will the new trade agreement be cleared by all EFTA nations? Will the reduction in import duties make Swiss watches cheaper in India? Read Here to know more.
