India inks free trade agreement with four European countries.

Syllabus: GS-III Subject: Economy Topic: Trade and External Sector, Issue: Trade and Economic Partnership Agreement (TEPA)

Context: : India and the European Free Trade Association (EFTA) signed a free trade agreement called TEPA.

Trade and Economic Partnership Agreement (TEPA)

  • Includes tariff reduction, increase in market access, and simplification of customs procedures.
  • Commitment by EFTA- an investment of $100 billion and one million jobs in India over 15 years.
  • Also included a chapter on commitments to human rights and sustainable development.
Prelims Connect (terms in News)

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 quotas(limits on the amount of  imports)

●             Simplify customs procedures and regulations.

Institutions in News:

European Free Trade Association (EFTA)

  • A regional trade organisation and free trade area
  • Composition: Iceland, Liechtenstein, Norway, and Switzerland .
  • All countries are not part of the European Union.
Scroll to Top