India, EFTA take significant steps towards new Trade and Partnership Agreement

Tags: Economy/Finance International Relations

India and the European Free Trade Association (EFTA) states have recently taken important steps towards a new trade and partnership agreement.

An overview of the news

• At the ministerial meeting held in Brussels on May 15, Commerce and Industry Minister Piyush Goyal held discussions with representatives of EFTA to work towards a comprehensive new Trade and Partnership Agreement (TEPA).

• The Ministerial meeting marked an important milestone in taking forward the negotiations on TEPA between India and the European Free Trade Association.

• Both sides stressed the importance of principles of good faith and respect for each other's sensitivities in order to achieve a fair, just and balanced settlement.

About India and the European Free Trade Association (EFTA) 

• EFTA has established bilateral relations and cooperation in the field of trade and commerce.

• The objective of this cooperation is to strengthen economic ties and promote mutually beneficial trade between the two countries.

• The EFTA is an intergovernmental organization consisting of four member states: Switzerland, Norway, Iceland, and Liechtenstein. 

• These countries have a strong tradition of trade and economic liberalization.

• India and EFTA have engaged in negotiations to establish a comprehensive trade agreement. 

• The negotiations cover various aspects, including trade in goods, services, investment, intellectual property rights, and other trade-related issues.