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European Free Trade Association UPSC NOTE

 Why in News

  • Switzerland being the largest player is likely to contribute more than half of the $100 billion free trade pact India recently signed with the European Free Trade Association (EFTA).

  • While Norway will bring in the rest, with Iceland and Liechtenstein contributing as well, Norwegian Ambassador to India, May-Elin Stener, told The Hindu

  • India signed a four-nation trade pact with EFTA countries: Switzerland, Norway, Iceland, and Liechtenstein, on March 10.

  • This EFTA aiming to attract $100 billion and to create one million jobs in 15 years in exchange

for tariff concessions for their pharma, chemical and minerals.

European Free Trade Association

  • An intergovernmental organization promoting free trade and economic integration among its member states.

Members (Current):

  1. Iceland

  2. Liechtenstein

  3. Norway

  4. Switzerland

  • Founded: 1960 (Stockholm Convention)

  • Headquarters: Geneva, Switzerland, with offices in Brussels and Luxembourg.

  • Main Goal: Foster economic cooperation and remove trade barriers between member states.

Key Points:

  • Established as an alternative to the European Economic Community (EEC), the precursor to the European Union (EU).

  • EFTA members participate in the European Single Market but are not part of the EU Customs Union.

  • EFTA has a vast network of Free Trade Agreements (FTAs) with over 60 countries and territories, including the EU.

  • Governed by the EFTA Council, which meets regularly at ambassadorial and ministerial levels.

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