Customs duty from Switzerland to India: Import Duty Guide

Key Takeaways

• The India-EFTA Trade and Economic Partnership Agreement (TEPA), covering Switzerland, Norway, Iceland, and Liechtenstein, entered into force on 1 October 2025, after 16 years of on-and-off negotiation.
• As part of the deal, EFTA states committed to $100 billion of investment into India over 15 years, targeting 1 million jobs.
• This lane is dominated overwhelmingly by gold and precious metals - Switzerland supplies roughly 40% of all of India’s gold imports, the single largest source by a wide margin.
• India’s imports from Switzerland reached roughly $24.3 billion in India’s 2025-26 fiscal year, up 11.4% year on year.
• TEPA is a genuinely separate framework from the EU-India FTA covered elsewhere on this site - Switzerland isn’t an EU member, and unlike the EU deal, TEPA is already fully in force, not just signed.

Switzerland-India Trade at a Glance

India’s imports from Switzerland reached roughly $24.3 billion in India’s 2025-26 fiscal year, up 11.4% year on year (DGCI&S). This trade relationship is almost entirely explained by one category: gold and precious metals. Switzerland supplies roughly 40% of all of India’s gold imports - the single largest source by a wide margin, well ahead of the UAE (around 16%) and South Africa (around 10%). Precious stones, metals, and coins alone accounted for roughly $19.2 billion of Swiss exports to India in a recent year - essentially the entire bilateral trade relationship in value terms.

Is There a Trade Deal Between Switzerland and India?

Yes, and this is worth getting precisely right given how recent it is: the India-EFTA Trade and Economic Partnership Agreement (TEPA) - covering Switzerland alongside Norway, Iceland, and Liechtenstein, collectively the European Free Trade Association - was signed on 10 March 2024 after 16 years of on-and-off negotiation, and entered into force on 1 October 2025. It is fully in force, not merely signed or pending (EFTA joint communiqué; Baker McKenzie). As part of the agreement, EFTA states committed to $100 billion of investment into India over 15 years, targeting the creation of 1 million jobs.

This is a genuinely separate framework from the EU to India trade agreement covered elsewhere on this site - Switzerland isn’t an EU member, and EFTA negotiates its own trade deals independently. Unlike the EU-India FTA, which remains unratified and not yet in force, TEPA is already fully operational.

How Much Will You Pay Importing from Switzerland to India?

For genuinely Swiss-originating goods meeting TEPA’s rules of origin, expect preferential treatment relative to India’s standard MFN duty - the exact rate depends on the specific tariff line and TEPA’s own schedule. For gold and precious metals specifically, India’s duty structure on bullion has its own distinct rules separate from general merchandise categories, reflecting the strategic and fiscal significance of gold imports to India’s trade balance. Outside of TEPA-qualifying goods, India’s standard stack applies: Basic Customs Duty, a Social Welfare Surcharge equal to 10% of the BCD amount, and Integrated GST at 5-28% depending on category. India has no general duty-free threshold for commercial imports of any value - only a narrow ₹5,000 exemption for genuine personal gifts exists.

Frequently Asked Questions

Is the EFTA-India trade deal actually in force yet?

Yes - as of 1 October 2025, it’s fully in force, not just signed. This is worth double-checking against any older content elsewhere, since the agreement took 16 years to negotiate and only recently took effect.

Why is this trade relationship so gold-heavy?

Switzerland is a major global gold refining and trading hub, and supplies roughly 40% of all of India’s gold imports - by far the largest single source, reflecting India’s status as one of the world’s largest gold consumer markets.

Does TEPA cover the same countries as the EU-India FTA?

No - TEPA covers Switzerland, Norway, Iceland, and Liechtenstein (the European Free Trade Association), a separate bloc from the 27-member EU. The two agreements are negotiated and ratified independently of each other.

How big is Switzerland-India trade?

India’s imports from Switzerland reached roughly $24.3 billion in India’s 2025-26 fiscal year, up 11.4% year on year, almost entirely driven by gold and precious-metals trade.