Economic pact between India and EFTA States

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.Economic pact between India and EFTA States

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

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