"Navigating India's Trade Landscape: Insights from the TEPA with EFTA"

 

"Navigating India's Trade Landscape: Insights from the TEPA with EFTA"

Factual Points:

1. India and the European Free Trade Association (EFTA) recently signed the Trade and Economic Partnership Agreement (TEPA) after 15 years of negotiation.
2. TEPA marks India's first comprehensive trade agreement with advanced economies.
3. India has agreed to include key areas like intellectual property rights (IPR), labor, and environmental standards in TEPA, which it had previously refused in bilateral trade deals.
4. EFTA comprises Switzerland, Norway, Iceland, and Liechtenstein.
5. The share of EFTA members in India's exports was only 0.4% in 2022, while India's share in EFTA members' exports was 3.7%.
6. India's agreement with EFTA doesn't seem attractive due to low levels of trade and investment between the two parties.
7. The Chapter on Investment Promotion and Cooperation in TEPA doesn't suggest a binding commitment from EFTA to invest $100 billion in India.
8. India's past governments have been reluctant to amend the Patents Act, but concessions have been made in TEPA, diluting the requirement for patent owners to disclose information concerning the working of patents in India.

Conceptual Points:

1. TEPA's potential impact on India's mission to provide access to affordable medicines, considering the concessions made in the patent regime.
2. The cautious language used regarding EFTA's committed investment in India, understanding the limitations and challenges in directing foreign investments.
3. The significance of avoiding concessions in bilateral trade deals that undermine carefully crafted domestic laws, such as the Patents Act, and the implications for access to affordable medicines and health security.

FOR PRELIMS:-

1. Question-
2. Consider the following statement regarding Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA)
3. 1) The EFTA Member States are Iceland, Liechtenstein, Norway and Belgium.
4. 2) TEPA could undermine India's mission to provide access to affordable medicines.
5. 3) EFTA has pledged a $100 billion investment through TEPA.
6. How many of the statements are correct:-
7. A) Only one
8. B) Only two
9. C) all three
10. d) none.
11. Correct answer:- (b)