Swiss Luxury Becomes Affordable: India-EFTA Pact to Cut Duties on Chocolates and Watches

New Delhi: A taste of Swiss indulgence is about to get sweeter—and more affordable—for Indian consumers. From velvety chocolates to precision-crafted watches, iconic European luxuries are set to see major price drops as the India–EFTA Trade and Economic Partnership Agreement (TEPA) officially takes effect.

This landmark deal—signed between India and the European Free Trade Association (EFTA) nations of Switzerland, Norway, Iceland, and Liechtenstein—ushers in a new era of cross-border commerce and cooperation, backed by an unprecedented $100 billion investment commitment over 15 years.

Luxury for Less: A 10-Year Duty-Free Path

Over the next decade, India will phase out customs duties on high-end European goods such as Swiss chocolates and luxury confections, luxury timepieces from prestigious brands, and precision instruments. For Indian consumers, this means lower prices on some of the world's most coveted brands—Lindt, Toblerone, Rolex, Omega, and beyond.

Meanwhile, Indian exporters stand to gain from enhanced access to premium European markets, particularly across textiles, marine products, coffee, and machinery. This trend mirrors the growing global appetite for luxury chocolate brands expanding in India.

Trade Snapshot (FY25):

Switzerland remains India's dominant partner within EFTA, already offering zero customs duties on most industrial goods—a base on which this agreement builds. The nation's expertise in Swiss luxury watch manufacturing and innovation continues to define global standards.

Economic Depth Meets Diplomatic Trust

Commerce & Industry Minister Piyush Goyal hailed TEPA as India's first trade pact with a binding investment commitment, calling it a balanced partnership "built on mutual trust and respect."

Beyond trade, the pact opens gateways for deeper collaboration across education, tourism, clean energy, life sciences, manufacturing, and food processing. This aligns with the broader evolution of European luxury brands expanding globally.

Roche Pharma's ?14,000 Crore Commitment

In a strong show of confidence, Roche Pharma announced an investment of CHF 1.5 billion (≈?14,000 crore) over the next five years.

"We employ over 5,000 people in India and remain deeply committed to long-term growth here," said Francois du Toit, Area Head for CEETRIS at Roche Pharma.

A Win–Win for Consumers and Businesses Alike

• Consumers will enjoy reduced prices on luxury imports and greater variety in premium retail, from chocolate enthusiasts attending premium events to watch collectors seeking timepieces from the holy trinity of watchmakers.
• Indian exporters will find smoother entry to Europe's high-value markets.
• Investors can explore opportunities in pharmaceuticals, clean tech, precision manufacturing, and R&D—fields now backed by friendlier trade and regulatory conditions.

The agreement also reflects changing consumer preferences, as seen in the growing demand for premium and luxury chocolate experiences and the continued relevance of Swiss watch industry innovation.

Bottom Line

The India–EFTA pact is more than just a trade deal—it's a symphony of Swiss precision and Indian potential. As luxury goods become more accessible and investments surge, this partnership cements India's position as a global growth hub where European craftsmanship meets Indian scale.

For those interested in exploring Swiss luxury experiences beyond products or understanding the complexity of fine watchmaking, this agreement opens doors to a new era of Indo-European luxury collaboration.