India EFTA Agreement: A Free Trade Agreement (FTA) is going to be signed between India and the four-nation European organization EFTA (European Free Trade Association) on Sunday. Goods, services and investment are included in this agreement. These member countries include Iceland, Liechtenstein, Norway and Switzerland.
Four European countries will join the agreement
Official sources said in the information given on Saturday that a free trade agreement will be signed between India and the European Free Trade Association on Sunday, March 10. These will include the four member countries of FTA, Iceland, Liechtenstein, Norway and Switzerland. With this agreement, trade in goods, services and investment between India and these countries can be easily increased. This FTA got approval from the Union Cabinet on March 7.
Agreement reached agreement on 14 issues
There are 14 chapters in the agreement between India and the European Free Trade Association. These include trade in goods, rules of origin, intellectual property rights (IPR), trade in services, investment promotion and cooperation, government procurement, technical barriers to trade and trade facilitation. To promote economic relations between India and EFTA, negotiations are underway to officially agree on a Trade and Economic Partnership Agreement (TEPA) since January 2008.
India's exports increased in EFTA countries
India's exports to EFTA countries stood at $1.92 billion during 2022-23 as compared to $1.74 billion in 2021-22. Total imports during the last financial year were $ 16.74 billion while in 2021-22 it was $ 25.5 billion.
What is EFTA
The European Free Trade Association (EFTA) is a regional trade organization and free trade area of ​​four countries in Europe. It has members from Iceland, Liechtenstein, Norway and Switzerland. It came into existence on February 29, 1960 as an alternative to the European Union Economic Community. The purpose of EFTA was also to promote free trade among the countries of the European Union. But, it had opposed imposing uniform fees in all countries.
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