Ministers from India and the four-nation bloc of European Free Trade Association (EFTA) met to discuss prospects to resume negotiations towards a Trade and Economic Partnership Agreement (TEPA) that has been stalled since 2018.
Key Points On India And EFTA
- The Parties agreed to continue efforts to resolve all outstanding issues and work towards strengthening the economic partnership
- The meeting provided an opportunity for both sides to exchange views on the state of play of their negotiations and explore ways to advance the talks.
- The participants acknowledged the challenges posed by the current global economic and trade environment
- Both sides agreed to continue their efforts to resolve all outstanding issues and work towards deepening and strengthening the economic partnership
What is EFTA?
- It is an intergovernmental organisation for the promotion and intensification of free trade.
- It was founded as an alternative for states that did not wish to join the European Community (EC).
- It was founded by the Stockholm Convention on May 3, 1960 with Austria, Denmark, Great Britain, Norway, Portugal, Sweden and Switzerland as its founding members.
- The present membership is limited to four countries – Switzerland, Norway, Iceland and Liechtenstein. These countries are not part of the European Union (EU).
- Negotiations on a broad-based Trade and Investment Agreement between the EFTA states and India were officially launched in January 2008 following consideration of the recommendations of a joint EFTA-India study group.
- India exported goods worth $1.68 billion to these nations in April-February and imported goods worth $15.07 billion during the same period.
Feature Of European Free Trade Association
European Free Trade Association Council
- It’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 Secretariat is located in Geneva.
- It assists the Council in the management of relations between the 4 EFTA States and deals with the negotiation and operation of EFTA’s FTAs.
- EFTA Surveillance Authority (ESA) monitors compliance with European Economic Area (EEA) rules in Iceland, Liechtenstein and Norway.
- EFTA Court is based in Luxembourg and has the competence and authority to settle internal and external disputes regarding the implementation, application or interpretation of the EEA agreement.
- European Economic Area (EEA) 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).
TEPA
- The TEPA aims to create opportunities for trade and investment between India and EFTA by eliminating/reducing tariffs and non-tariff barriers on a wide range of products.
- It aims to ensure fair and transparent market access conditions for service providers and investors and will enhance cooperation on intellectual property rights protection and enforcement.
- TEPA aims to facilitate trade procedures and customs cooperation along with effective mechanisms for dispute resolution.
- The TEPA is a comprehensive agreement that covers trade in goods, trade in services, investment, intellectual property rights, competition, government procurement, trade facilitation, trade remedies, dispute settlement, and other areas of mutual interest.
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