Free Trade Agreement signed between India and 4 nation EFTAs

Free Trade Agreement signed between India and 4 nation EFTAs

Daily Current Affairs   /   Free Trade Agreement signed between India and 4 nation EFTAs

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Category : Miscellaneous Published on: March 13 2024

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  • India and the four-European grouping of countries (EFTA) signed a Trade and Economic Partnership Agreement (TEPA) to boost mutual trade and investment. The members of the European Free Trade Association (EFTA) are Iceland, Liechtenstein, Norway and Switzerland.
  • EFTA is an important regional grouping focused on the increase in international trade in goods and services. Its main objective is to promote the economic integration and business cooperation of its member countries.
  • Through the recently signed Free Trade Agreement between India and EFTA, the Agreement is being promoted in trade and economic partnership between the two sides.
  • The agreement will boost the prospects of Indian production to have greater access to productivity and consumer markets, thereby increasing the proportion of regional production.
  • The agreement has a special focus on the protection of Intellectual Property Rights (IPR), which will structure new opportunities and encourage innovation.
  • The agreement can be a medium to promote investment and boost productivity in various sectors, which can increase the possibilities of business cooperation and marketing.
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