Swiss watches, chocolates, electronics and bicycles are some of the items that are set to get cheaper for domestic consumers as India starts its phased reduction of import tariffs from October 1 under the free trade pact with the European Free Trade Association (EFTA) countries, sources said. EFTA countries have promised to facilitate flow of $100 billion worth of private sector investments into India over the next 15 years. “Most of the duty elimination and reduction on goods from the EFTA countries will happen in a phased manner mostly spread over up to 10 years. In the area of goods, gains for Indian exporters will be limited as import tariffs in EFTA countries, especially Switzerland, are already very low. EFTA countries, led by Switzerland, have a huge trade surplus over India.