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ON FTAS WITH EUROPEAN COUNTRIES
Why in the news?
India-EFTA Trade Agreement signed, aiming for deeper economic ties. Investment targets, tariff elimination, and service liberalisation are key components.
source:devianart
About Key Components of India-EFTA Trade Agreement:
- TEPA aims for $100 billion investment from EFTA countries into India, creating one million jobs over 15 years.
- India retains the right to withdraw tariff concessions if investment targets aren’t met.
- Conditions include India’s GDP growth of 9.9% and EFTA’s investment returns exceeding 16% annually.
| What is the European Free Trade Association (EFTA)?
● An intergovernmental organisation promoting free trade and economic integration for its four Member States: Iceland, Liechtenstein, Norway, and Switzerland. ● Established by the Stockholm Convention on January 4, 1960, as an alternative trade bloc to the European Economic Community. ● Maintaining the EFTA Convention, managing the EEA Agreement, and developing free trade agreements globally.
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