| Syllabus: GS-II, Subject: International relations, Topic: Regional and global groupings, Issue: India – EFTA |
- EFTA comprises of Iceland, Liechtenstein, Norway, and Switzerland.
- India signed a Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA).
TEPA:
- Offers easier market access for Indian services firms, including architects, accountants, and nurses,
- Aims to attract $100 billion in investments and create a million jobs over 15 years.
Significance:
- Swift conclusion of the EFTA reflects India’s renewed engagement in trade pacts.
- It is India’s second major trade pact since the UAE deal and the first with a western grouping.
- Signifies India’s shift towards embracing free trade.
Inclusion of non-trade issues like labor, human rights, environment, and gender signifies a positive shift in India’s approach, significant for potential allies like the EU.
