| Syllabus: GS-II, Subject: Economy, Topic: Trade and External sector, Issue: India-EU FTA |
Context: Talks for the India-EU Bilateral Trade and Investment Agreement are delayed due to elections in India and the European Parliament.
Synopsis:
- Negotiations face challenges due to defensive interests, especially in agriculture, and upcoming elections.
- Progress is expected after the elections, with talks possibly accelerating in the autumn.
- Despite India’s recent FTA with EFTA countries, negotiations with the EU are pending.
| European Free Trade Association (EFTA) (1960):● Promotes free trade and economic integration among member states.
● Member countries include Iceland, Liechtenstein, Norway, and Switzerland. ● Unlike the EU, EFTA is not a customs union, allowing member states to set their own customs tariffs and trade policies. |
