{"id":32690,"date":"2024-11-25T17:00:29","date_gmt":"2024-11-25T11:30:29","guid":{"rendered":"https:\/\/www.nextias.com\/ca\/?p=32690"},"modified":"2024-11-25T17:00:32","modified_gmt":"2024-11-25T11:30:32","slug":"implementation-status-of-trade-and-economic-partnership-agreementtepa","status":"publish","type":"post","link":"https:\/\/www.nextias.com\/ca\/current-affairs\/25-11-2024\/implementation-status-of-trade-and-economic-partnership-agreementtepa","title":{"rendered":"\u00a0Implementation status of Trade and Economic Partnership Agreement(TEPA)"},"content":{"rendered":"\n<p><strong>Syllabus :GS 2\/IR\/GS3\/Economy<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>In News<\/strong><\/h2>\n\n\n\n<p>Shri Sunil Barthwal, Secretary of the Department of Commerce, visited Norway to advance the goals of the Trade and Economic Partnership Agreement (TEPA).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>About TEPA<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It was signed in March 2024 between India and four <a href=\"https:\/\/www.nextias.com\/ca\/editorial-analysis\/13-03-2024\/india-efta-pact\">EFTA <\/a>countries: Iceland, Liechtenstein, Norway, and Switzerland.\n<ul class=\"wp-block-list\">\n<li><strong>EFTA offers 92.2% tariff lines<\/strong>, covering 99.6% of India\u2019s exports, with market access for <strong>100% non-agri products<\/strong> and tariff concessions on processed agricultural products (PAP).<\/li>\n\n\n\n<li>India offers 82.7% tariff lines, covering 95.3% of EFTA exports.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Focus Areas of TEPA:<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Service Sectors: <\/strong>TEPA will stimulate India&#8217;s service exports in IT, business, education, cultural, and audio-visual sectors.\n<ul class=\"wp-block-list\">\n<li>EFTA offers better access for digital delivery of services, commercial presence, and mobility for key personnel.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Impacts on Manufacturing:<\/strong> TEPA supports India\u2019s domestic manufacturing in sectors such as infrastructure, pharmaceuticals, chemicals, food processing, logistics, and banking.<\/li>\n\n\n\n<li><strong>Technology and R&amp;D Collaboration:<\/strong> TEPA facilitates technology collaboration and access to cutting-edge technologies in fields like renewable energy, health sciences, and innovation.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Expected Benefits for India:<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Creation of direct jobs, particularly for India\u2019s young workforce.<\/li>\n\n\n\n<li>Enhanced vocational and technical training opportunities.<\/li>\n\n\n\n<li>Facilitates technology collaboration in precision engineering, renewable energy, health sciences, and R&amp;D.<\/li>\n\n\n\n<li>It will&nbsp; boost 99.6% of Indian exports with Market Access to EFTA countries and drive $100 billion investment<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Future Outlook&nbsp;<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>TEPA is expected to enhance India\u2019s integration into European markets, creating opportunities for both goods and services exports, while also providing access to advanced technologies and boosting India\u2019s economic growth.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background\" style=\"background-color:#fff2cc\"><tbody><tr><td><strong>Do you know ?<\/strong><br>&#8211; The European Free Trade Association (EFTA) is the intergovernmental organisation of Iceland, Liechtenstein, Norway and Switzerland.&nbsp;<br>&#8211; It was set up in 1960 by its then seven Member States for the promotion of free trade and economic integration between its members.<br><strong>Features&nbsp;<\/strong><br><br><img loading=\"lazy\" decoding=\"async\" width=\"388\" height=\"214\" alt=\"Features of European Free Trade Association\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXf0yZZKolg60l8rz6Ban_fPNEkaeJDkH91GE8LB8pKQkEiVYUR1FeFrkfbfOjEKMXVwlDTbue8CYzqEXWtngQSzuD4Or_Q6uKXemn435gLlhDoclCSuGpakYf6qiwpyIEw6DossXg?key=EyyOVcla0TrqOlFn7yT8Boso\"><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Source: TH<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shri Sunil Barthwal, Secretary of the Department of Commerce, visited Norway to advance the goals of the Trade and Economic Partnership Agreement (TEPA).<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-32690","post","type-post","status-publish","format-standard","hentry","category-current-affairs"],"acf":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/32690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/comments?post=32690"}],"version-history":[{"count":2,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/32690\/revisions"}],"predecessor-version":[{"id":32706,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/32690\/revisions\/32706"}],"wp:attachment":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media?parent=32690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/categories?post=32690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/tags?post=32690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}