THE NEW TRADE and economic pact between India and the European Free Trade Association (EFTA) would not lead to an immediate surge in imports of sought-after Swiss goods like high-end watches, chocolate products, and wine to India, as the concessional duties will take many years to take full effect.
However, movements of Indian professionals to the four EFTA countries Switzerland, Norway, Iceland, and Liechtenstein - would become easier without much delay.
Tariffs on watches, clocks, cocoa bean and powder, malt products, tuna, trout, and olive oil would be brought down to zero in seven years under the Trade and Economic Partnership Agreement (TEPA), according to an analysis by Global Trade Research Initiative's founder Ajay Srivastava.
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