• UGI USER
  • Mar 09, 2024
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‘INDIA, FOUR-NATION EFTA BLOC LIKELY TO INK FTA ON MARCH 10’

Why in the news?

India and the European Free Trade Association (EFTA) are poised to sign the India-EFTA Trade and Economic Partnership Agreement (TEPA), aiming to boost trade, investment, and job creation.

Key points of the India-EFTA Free Trade Agreement:

  • India and the European Free Trade Association (EFTA), comprising Switzerland, Finland, Norway, and Liechtenstein, are set to sign a long-awaited Free Trade Agreement (FTA) known as the India-EFTA Trade and Economic Partnership Agreement (TEPA).
  • The agreement aims to boost trade and investment flows between the two parties, fostering economic growth and job creation.
  • Representatives from both India and EFTA nations have been informed about the signing ceremony scheduled for March 10.
About EFTA (European Free Trade Agreement):

●   EFTA, established in 1960, is an intergovernmental organisation.

●   Members include Iceland, Liechtenstein, Norway, and Switzerland.

●   Not EU members but access the single market through agreements.

●   India’s 9th largest trading partner.

●   Imports from EFTA include machinery, chemicals, precious metals, and medical instruments.