The Swiss government said Tuesday that it has eliminated import tariffs on industrial products. The move is aimed at reducing costs for consumers and manufacturers.

The State Secretariat for Economic Affairs (Seco) expects the reduction in companies' purchasing and administrative costs, as well as productivity gains, to result in total annual benefits of more than CHF860 million ($1 billion).

From January 1, 2024, Switzerland will no longer impose import tariffs on industrial goods of any origin, Seco said in a statement on Tuesday.

"This is an important trade policy measure, built on a ten-year foundation, which is expected to generate total annual welfare gains of more than CHF 860 million for the Swiss economy," the report said.

Parliament approved the elimination of industrial tariffs in October 2021 as an amendment to the Tariff Act.

Secco said, "The elimination of industrial tariffs will strengthen Switzerland's position as a seat of commerce and industry by reducing the financial and administrative burden on businesses and consumers."

In Switzerland, industrial goods include capital goods, raw materials, salt, semi-finished products and production process materials such as machinery, as well as consumer goods such as bicycles, clothing and shoes. It does not apply to agricultural products such as live animals, plants, seeds and animal feed.

The government said it has not yet taken any measures to compensate for the drop in tariff revenue, but expects increased economic output to generate higher tax revenues and offset losses in the future.

"In terms of the overall economy, the positive impact will significantly outweigh the loss of revenue expected by the federal government," it added.

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