The Swiss Federal Council recently approved an ordinance on the temporary suspension of customs duties on textile input and intermediary materials. It will be effective from July 1. The specialised Swiss textile industry relies heavily on import of inputs and intermediary materials that are burdened with higher duties compared to inputs for other industries. This makes the finished products more expensive. The high duty rates originally set to protect the domestic textile industry are now having a detrimental effect, according to an official release. The Federal Council responded to a request from the Swiss Textiles Association. The thrust of the measure is also in line with the Federal Council’s aim of abolishing industrial tariffs.
