Explanation –

• CEPA: Comprehensive Economic Partnership Agreements are broader in scope than traditional Free Trade Agreements (FTAs). They cover not only trade in goods but also services, investment, intellectual property rights, government procurement, and regulatory issues. This makes them more suitable for countries looking to deepen economic relationships across multiple sectors. For instance, India-South Korea CEPA, India-UAE CEPA.
• TEPA: While Trade and Economic Partnership Agreements also cover a wide range of areas, they are generally less comprehensive than CEPAs. They focus on market access, investment promotion, and may include sustainable development and other modern trade aspects, but they do not go as deep into regulatory and institutional frameworks as CEPAs. For instance, India-EFTA TEPA.

• Bilateral investment treaties and free trade areas focus on investment protection and tariff reductions respectively, without including the broader regulatory and economic collaboration seen in CEPAs.

Source: AIR