Syllabus: GS-II, Subject: International Relations, Topic: India’s relations with other nations, Issue: India-EFTA Trade and Economic Partnership Agreement (TEPA)
Context: India signed a trade and economic partnership with EFTA countries.
Key points of the Act:
- Investment: TEPA aims for $100 billion investment in India, creating one million jobs over 15 years.
- Trade in Goods: Provides tariff concessions for EFTA exports to India, excluding gold, dairy, soya, and sensitive agricultural products.
- Trade in Services: Commits to liberalization across sectors, allowing access for Indian professionals, easing qualification recognition
- Sustainable Development: Focus on environment and labor aspects and sustainable development.
- Intellectual Property Rights:Addresses concerns of EFTA pharmaceutical and technology companies .
Conclusion
Successful conclusion of TEPA signals India’s commitment to trade liberalization amid global protectionism.
