Switzerland has abolished tariffs on the import of industrial products in an effort to reduce high consumer prices.
This means importers will no longer pay duties on consumer goods, raw materials, semi-finished products, and machinery.
The Swiss government announced that this move will result in a loss of about 645 million euros in annual revenue for the state. However, the impact on the economy and citizens is estimated to be beneficial, valued at 924 million euros.
As highlighted by the government, in recent years, tariffs have accounted for only about 1.5 percent of state revenue. Their removal is expected to enhance the competitiveness of the Swiss economy and address the issue of prices, which have been considerably higher than those in neighboring countries.