India, four-nation EFTA bloc likely to ink FTA on March 10.

Syllabus: GS-III, Subject: Economy,  Topic: Trade and External sector, Issue: India-EFTA Trade Agreement

Context: India and the European Free Trade Association (EFTA) likely to sign a long-negotiated free trade agreement.

  • To be called as Trade and Economic Partnership Agreement (TEPA).

European Free Trade Association (EFTA)

  • A regional trade organisation and free trade area consisting of four European states: Iceland, Liechtenstein, Norway, and Switzerland.
  • They are not part of the European Union.

Related Concepts:

Free Trade Agreement (FTA) is an agreement between two or more countries to lower trade barriers by

Eliminating or reducing tariffs (taxes placed on imported goods) and quotasb (limits on the amount of a imports)

Simplify customs procedures and regulations.

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