Swiss medicines, wines to get cheaper

WITHTHE ENTRY into force of the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA), the prices of Swiss wine and medicines willseea major drop.

- MUKESH JAGOTA

India’s tariffs on imports from the EFTA bloc will immediately come down to zero on coal except steam and coking coal, most medicines, dyes, most textiles and apparels, and iron and steel products, according to an analysis by Global Trade Research Initiative (GTRI).

Switzerland is a world leader in pharma, spearheading new discoveries,anda top exporter of organic chemicals.

On wines costing $15 or more, duty cut in the first year will be cut to 75% from 150% and the rest of the reduction will be in ten equal installments.

Tariffs will be reduced to zero in 5 years by Indiaoncod liver oil, fish body oil and smartphones.

In 7 years, duties will be eliminated on tuna, trout, salmon, olive oil, cocoa bean, powder, malt products, corn flakes, instant tea, roasted chicory,most machinery, bicycle parts, clocks and watches.