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European Free Trade Association UPSC NOTE

 Why in news

  • A clause in a draft free trade agreement text being negotiated between India and the European Free Trade Association (EFTA) could delay access to affordable, generic versions of patented drugs in India by a minimum of six years, according to documents viewed by The Hindu.

  • A leaked draft of the Trade and Economic Partnership Agreement says that within six months of the agreement being signed, signatories should include a “specific duration” during which applicants seeking consent from their country’s regulators to sell a drug would

not rely on “undisclosed test data” to gain market approval for at least six years.

European Free Trade Association (EFTA)

  • The European Free Trade Association is a regional trade organization and free trade area consisting of four European states.

  • Iceland, Liechtenstein, Norway, and Switzerland.

  • It was founded in 1960 as an alternative to the European Economic Community (EEC), which later evolved into the European Union (EU).

The main goals of EFTA are to:

  • Promote free trade and economic integration between its member states.

  • Eliminate tariffs and other trade barriers between member states.

  • Cooperate with other countries and international organizations on trade-related issues.

  • EFTA is much smaller and less integrated than the EU. 

  • It has been successful in promoting free trade and economic growth among its member states.

  • EFTA countries are all highly developed and have high standards of living.



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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: European Free Trade Association UPSC NOTE
European Free Trade Association UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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