Swiss import duties on various consumer goods could be abolished in the future. If Parliament gives its approval, the plan will come into force in 2022. The abolition of tariffs on a number of industrial products, including bicycles, clothing and health products as well as some raw materials and semi-finished products that are refined in Swiss factories after entering the country, is part of a series of measures announced last year to counter Switzerland's unenviable status as a “high-price island.” Although tariffs on industrial goods average a relatively low at 1.8 percent, goods such as textiles (5.6 percent) and clothing (4 percent, on average) are subject to higher rates. The loss of government tax revenues – which average around CHF 500 million (€459m-$510m) per year – will be partially offset by higher spending and economic activity. The minister of the economy, Guy Parmelin, expects the measure to have a “positive macroeconomic effect” of around €782 million.

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