Q. India recently signed Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA). In this context, consider the following statements:
1.Norway is the largest EFTA trading partner with India.
2.It is the first trade pact with a western nations’ grouping that also includes provisions for non-trade issues.
3.One of the objectives of the TEPA is to attract foreign direct investment (FDI) into India and create job opportunities.
How many of the statements given above are correct?
Answer: B
Notes:
Explanation –
Statement 1 is incorrect. Switzerland is the largest EFTA trading partner with India, followed by Norway.
Statements 2 and 3 are correct. The India-EFTA Trade and Economic Partnership Agreement (TEPA) is the first trade pact India has signed with a western nations’ grouping. The agreement not only focuses on trade-related issues like tariffs and market access but also includes provisions for non-trade issues, such as intellectual property rights, labor, and environmental standards. One of the objectives of the TEPA is to attract foreign direct investment (FDI) into India and create job opportunities. The other objectives are: Boosting bilateral trade, Promoting cooperation, etc.
Source: The Hindu
