Switzerland will unilaterally eliminate import duties on almost all industrial goods effective from 1 January 2024.
Background
The average cost of goods and services is considerably higher in Switzerland than in neighboring countries. One of the factors contributing to the country’s high-cost status is the presence of various tariff and non-tariff trade barriers that isolate the Swiss market, allowing companies to charge higher prices domestically. With the aim of reducing these trade barriers, the Swiss Federal Council adopted a package of import facilitation measures back in December 2017. One of these measures was the elimination of tariffs on industrial goods, which has now been adopted and will enter into force on 1 January 2024.
Source KPMG
