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What is EFTA?
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Name of the Agreement:
- Trade and Economic Partnership Agreement (TEPA)
Highlights of the Agreement:
- Investment and Employment: EFTA commits to promoting investments to increase foreign direct investments by USD 100 billion in India in 15 years and generate 1 million direct jobs.
- Market Access: EFTA offers 92.2% of its tariff lines, covering 99.6% of India’s exports. India offers 82.7% of its tariff lines, covering 95.3% of EFTA exports.
- Service Sector: India has offered 105 sub-sectors with commitments secured in 128 to 114 sub-sectors from EFTA countries, focusing on IT services, business services, and more.
- Intellectual Property Rights: Commitments related to IPR are at the TRIPS level, addressing India’s interests in generic medicines and concerns related to evergreening of patents.
- Sustainable Development: TEPA emphasizes India’s commitment to sustainable development, inclusive growth, social development, and environmental protection.
- Trade Facilitation: Aims to foster transparency, efficiency, simplification, harmonization, and consistency in trade procedures.
Why in News:
- Recently, the European Free Trade Association (EFTA) States and India signed a Trade and Economic Partnership Agreement (TEPA).
