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India’s trade pact with European countries UPSC NOTE

 India signs free trade pact with which 4 European countries.

  • India signed a free trade agreement with four European countries — Iceland, Liechtenstein, Norway, and Switzerland .

  • On Sunday, with a goal of reaching $100 billion in investments in India and one million jobs within 15 years.

  • The Trade and Economic Partnership Agreement (TEPA) marks the second such full-fledged FTA signed after India’s agreement with the United Arab Emirates.

  • This will see considerable tariff reduction, increase in market access, and simplification of customs procedures.

  • The European Free Trade Association countries, which are separate from the European Union, said that for the first time, the FTA also included a chapter on commitments to human rights and sustainable development

  • The agreement will come into force after ratification by the EFTA states, expected possibly by the end of the year.

  • EFTA Ministers clarified that the commitment was in fact a “goal” for both sides, based on the current levels of investment, pegged at about $10.7 billion, the GDP predictions, and the estimated value of the TEPA.



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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: India’s trade pact with European countries UPSC NOTE
India’s trade pact with European countries UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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