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11 March 2024 : PIB Summary for UPSC

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PIB Summary for UPSC

11-March -2024

1. India EFTA- Trade and Economic Partnership Agreement

Topic: GS3 – Indian Economy – Effects of liberalisation on the economy
The India-EFTA Trade and Economic Partnership Agreement signify strategic economic ties, impacting trade, investment, and geopolitical dynamics, relevant for UPSC.
Context
  • India and the European Free Trade Association (EFTA) signed a ground-breaking Trade and Economic Partnership Agreement (TEPA), marking India’s first FTA with Switzerland, Iceland, Norway, and Liechtenstein.
  • The deal includes a $100 billion investment commitment and 1 million job creation in India over 15 years.

 Additional information on this news:

  • India and the European Free Trade Association (EFTA) signed a historic Trade and Economic Partnership Agreement (TEPA) on March 10, 2024.
  • The agreement involves Switzerland, Iceland, Norway, and Liechtenstein, marking India’s first Free Trade Agreement (FTA) with four developed European nations.
  • Notably, the TEPA includes a ground-breaking commitment of $100 billion in investments and the creation of 1 million direct jobs in India over the next 15 years.
  • The comprehensive agreement spans 14 chapters, focusing on market access, rules of origin, trade facilitation, investment promotion, intellectual property rights, and more.
  • EFTA commits to promoting investments to increase foreign direct investments by $100 billion in India, aiming to generate 1 million direct jobs.
  • EFTA offers 92.2% of tariff lines covering 99.6% of India’s exports, while India offers 82.7% of tariff lines covering 95.3% of EFTA exports.
  • Sensitive sectors like pharma, medical devices, and processed food are protected, and mutual recognition agreements in professional services are included.
  • The agreement promotes sustainable development, transparency, and efficiency in trade procedures, empowering Indian exporters and boosting the “Make in India” initiative.
  • TEPA provides an opportunity for Indian companies to integrate into EU markets, especially through Switzerland, fostering economic growth and technological collaboration.
  • Overall, TEPA is expected to stimulate India’s exports, create job opportunities, and facilitate technology collaboration and access to world-leading technologies.
Potential benefits of Trade and Economic Partnership Agreement (TEPA)
  • Economic Growth: TEPA fosters economic growth by promoting bilateral trade and investments between India and the EFTA countries (Switzerland, Iceland, Norway, Liechtenstein).
  • Job Creation: The agreement includes a historic commitment of $100 billion in investments, aiming to generate 1 million direct jobs in India over the next 15 years.
  • Market Access: EFTA offers access to 92.2% of tariff lines, covering 99.6% of India’s exports, while India provides access to 82.7% of tariff lines covering 95.3% of EFTA exports.
  • Diversification of Markets: Indian exporters gain access to large European and global markets, providing a significant boost to trade diversification.
  • Services Sector Opportunities: TEPA stimulates services exports, especially in IT services, business services, education, and audio-visual services, with improved access through digital delivery and commercial presence.
  • Intellectual Property Rights (IPR): Commitments at TRIPS level address India’s concerns about generic medicines and patent issues, showcasing a robust IPR regime.
  • Sustainable Development: The agreement signals India’s commitment to sustainable development, environmental protection, and inclusive growth.
  • Empowerment of Indian Exporters: TEPA empowers Indian exporters by providing access to specialized inputs, creating a conducive trade environment and opportunities for the services sector.
PYQ: In the context of bilateral trade negotiations between India and European Union, what is the difference between European Commission and European Council? (2010)
1.     The European Commission represents the EU in trade negotiations whereas European Council participates in the legislation of matters pertaining to economic policies of the European Union.
2.     The European Commission comprises the Heads of State or government of member countries whereas the European Council comprises of the persons nominated by European Parliament.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans: (d)
Practice Question:  How does the India-EFTA Trade and Economic Partnership Agreement (TEPA) contribute to India’s economic diplomacy and trade diversification? Discuss its implications. (150 Words /10 marks)

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