• UGI USER
  • Feb 16, 2024
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‘INDIA HAS REJECTED DEMAND FOR DATA EXCLUSIVITY IN DRUG DEVELOPMENT IN FTA TALKS’

Why in the news?

India declined the demand for ‘data exclusivity’ during discussions with the European Free Trade Association (EFTA) for a free trade agreement.

India and FTA

  • India’s withdrawal from the Regional Comprehensive Economic Partnership (RCEP) in November 2019 paused its engagement with FTAs, including the 15-member grouping involving Japan.
What is FTA?

FTAs aim to reduce trade barriers between participating nations, facilitating the exchange of goods and services with minimal government intervention.

Other important trade agreements of India

●    The Comprehensive Economic Cooperation and Partnership Agreement (CECPA) with Mauritius strengthens economic ties.

●    In South Asia, agreements like SAPTA and SAFTA aim to boost regional trade, albeit with varying degrees of success.

●    The Asia Pacific Trade Agreement (APTA), previously known as the Bangkok Agreement, fosters trade among member nations through tariff concessions.