What do FTAs with European countries signal?

Syllabus: GS-II, Subject: International Relations, Topic: India’s relations with other nations, Issue: India-EFTA Trade and Economic Partnership Agreement (TEPA)

Context: India signed a trade and economic partnership with EFTA countries.

Key points of the Act:

• Investment: TEPA aims for $100 billion investment in India, creating one million jobs over 15 years.
• Trade in Goods: Provides tariff concessions for EFTA exports to India, excluding gold, dairy, soya, and sensitive agricultural products.
• Trade in Services: Commits to liberalization across sectors, allowing access for Indian professionals, easing qualification recognition
• Sustainable Development: Focus on environment and labor aspects and sustainable development.
• Intellectual Property Rights:Addresses concerns of EFTA pharmaceutical and technology companies .

Conclusion

Successful conclusion of TEPA signals India’s commitment to trade liberalization amid global protectionism.

Source: The Hindu