Ahead of the Parliamentary Elections, the Manohan Singh government in India has brought some good news for chocolate lovers in the country.
In order to provide an opportunity to consumers across India to taste high-end Swiss chocolates at cheaper rates, the government has decided to reduce import duty on Swiss chocolates on the basis of a free trade agreement with European Free Trade Associa
ion (EFTA) – a four-member bloc that includes Switzerland.
Commenting on the issue, a senior government official told reporters in New Delhi on Sunday: “The talks are progressing. Switzerland has asked India to reduce duty on its high-end chocolates from the current 30%. The Commerce Ministry is looking at the issue positively.”
According to the official, India and the EFTA are currently discussing a free trade agreement and they have already completed 13 rounds of the 14-round negotiation process. Other members of the EFTA – Iceland, Norway and Liechtenstein – have indicated that they will welcome New Delhi’s decision in this regard.
The senior Indian official stressed: “Reducing duties will be beneficial for the Indian consumers. Today, a person coming from abroad always carries packets of Swiss or Belgian chocolates. So, why not give them an option to buy in India itself. I think domestic chocolate manufacturers should not have any problem in reducing the duties, at least for high-end Swiss chocolates.”
Reports suggest that the South Asian country is one of the fastest growing chocolate markets in the world. Currently, two multinationals – Cadbury and Nestle – are dominating the INR 3,000 crore Indian chocolate market that is maintaining a 15% yearly growth. Meanwhile, the volume of two-way trade between India and EFTA was USD 34.48 billion in 2012-13 financial year as against USD 37.5 billion in 2011-12 fiscal.
Ahead of parliamentary elections, the Government of India in Manohan Singh chocolate lovers has brought some good news. High end Swiss chocolate taste at affordable rates for consumers across India in order to provide an opportunity for the European Free Trade Association (EFTA), with free trade agreements based on Swiss chocolate have decided to reduce import duties – a four-Member bloc that includes Switzerland. Commenting on the issue, a senior government official told reporters in New Delhi on Sunday, "the talks are making progress. Switzerland from the existing 30% to reduce tariffs on high-end chocolate said to India. The Commerce Ministry is looking at the issue positively. " According to the official, India and EFTA currently are discussing a free trade agreement and they are already 14 round 13 round negotiation process is completed. Iceland, Norway and Liechtenstein--those in the other EFTA members New Delhi would welcome that decision indicated. Senior Indian official stressed: "reducing the duties would be beneficial to Indian consumers. Today, a person coming from abroad as always Swiss or Belgian chocolate packets. So, why make them an option to buy in India not to give up. I minimize high-end domestic chocolate makers Swiss chocolate, reduce the duties should not be a problem. " Reports in the South Asian country is one of the fastest growing chocolate markets that. Currently, two multinational companies-Cadbury and Nestle-maintain a 15% annual growth that INR 3,000 crores in India's chocolate market. Meanwhile, the volume of bilateral trade between EFTA and India 2011-12 financial year compared to us $ 37.5 billion in the 2012-13 fiscal year was US $ 34480000000.
