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India and EFTA to Review Trade Pact a Year On
খবরে কেন?
Four countries, one trade pact: the EFTA list and India's TEPA that Prelims loves to test
India and EFTA will review their trade pact a year on and look at expanding it.
Why it matters: factual, Prelims-type
What you need to know
2 মিনিট
India and the European Free Trade Association (EFTA) will review their trade pact a year after it took effect, and the second Prosperity Summit in Delhi will discuss market access and other bottlenecks.
The two sides will also explore further expansion of trade and investment.
EFTA groups Iceland, Liechtenstein, Norway and Switzerland.
সূত্র: Topper IAS editorial (PIB / The Hindu / Indian Express)
মূল তথ্য
Remember these
- EFTA members: Iceland, Liechtenstein, Norway and Switzerland.
- India-EFTA pact is the Trade and Economic Partnership Agreement (TEPA), now a year since taking effect.
- The second Prosperity Summit in Delhi will discuss market access and other bottlenecks.
- Both sides will explore further expansion of trade and investment.
- EFTA is distinct from the European Union; Sweden left EFTA for the EU in 1995.
প্রিলিমস · মেইনস
How the exam will ask it
প্রিলিমস
- EFTA comprises Iceland, Liechtenstein, Norway and Switzerland.
- TEPA is a free trade agreement between India and the four EFTA states, covering trade and investment.
- EFTA is a separate grouping from the European Union, though Iceland, Liechtenstein and Norway are in the European Economic Area.
মেইনস
GS-II International Relations and GS-III Economy: India is widening its network of free trade agreements to diversify markets and attract investment. TEPA's review and the Prosperity Summit test whether market access and non-tariff bottlenecks are being resolved. The way forward is a periodic review, faster investment delivery and expansion into new sectors.
Quick recall
Answer before you reveal
Which of the following countries is NOT a member of the European Free Trade Association (EFTA), with which India has a trade and economic partnership agreement?
- Iceland
- Sweden
- Norway
- Liechtenstein
উত্তর দেখুন
উত্তর: B — Correct: Sweden — Sweden left EFTA to join the European Union in 1995 and is not a current EFTA member. • Iceland — wrong: Iceland is a founding-era EFTA member, together with Norway, Liechtenstein and Switzerland. • Norway — wrong: Norway is an EFTA member and takes part in the European Economic Area through it. • Liechtenstein — wrong: Liechtenstein is one of the four EFTA member States along with Iceland, Norway and Switzerland.
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