Economic pact between India and EFTA States
Why in news ?
Trade and Economic Partnership Agreement (TEPA) Negotiations between India and the European Free Trade Association (EFTA) on a trade deal have run into a logjam because of Switzerland’s concerns.
About European Free Trade Association (EFTA):
- It is an intergovernmental organization established in 1960 by the Stockholm Convention.
- Objective: Promotes free trade and economic integration between its members within Europe and globally.
- EFTA currently has 4 member countries: Iceland, Liechtenstein, Norway and Switzerland.
- The EFTA countries have developed one of the largest networks of Free Trade Agreements (FTAs). These FTAs span over 60 countries and territories, including the European Union (EU).
Governance Structure:
- EFTA’s highest governing body is the EFTA Council. It generally meets 8 times a year at the ambassadorial level and twice a year at the ministerial level.
- The headquarters of the EFTA Secretariat is located in Geneva. It assists the EFTA Council in the management of relations between the 4 EFTA States and deals with the negotiation and operation of EFTA’s FTAs.
What is the European Economic Area (EEA)?
- It consists of the Member States of the European Union (EU) and three countries of the European Free Trade Association (EFTA)(Iceland, Liechtenstein and Norway, excluding Switzerland).
- The Agreement on the EEA entered into force on 1 January 1994.
Source – Indian Express