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India-EFTA $100 Billion Free Trade Agreement Signed

Published on March 11, 2024
Current Context: On 10th March 2024, India signed a historic Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA), which includes Iceland, Liechtenstein, Norway, and Switzerland.
India-EFTA $100 Billion Free Trade Agreement Signed
  • Under this agreement, EFTA has committed to investing $100 billion in India over the next 15 years.
  • The investments are planned to flow in 15 years - $50 billion in the first 10 years and another $50 billion in the next five.
  • This investment is expected to facilitate the creation of one million jobs.
  • The agreement aims to bring significant economic benefits to both parties by creating better integrated and more resilient supply chains, opening new opportunities for businesses and individuals, facilitating job creation and economic growth, enhancing market access, simplifying customs procedures, and promoting investment opportunities. 
  • India is now the world’s 2nd largest producer of mobile phones.

Question:

Q.1 Which countries are part of the European Free Trade Association (EFTA)?
a. Germany, France, Italy, Spain
b. Iceland, Liechtenstein, Norway, Switzerland
c. United States, Canada, Mexico, Panam
d. China, Japan, South Korea, Taiwan
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