- Agreement comprises of 14 chapters with main focus on market access related to goods, rules of origin, sanitary and phytosanitary measures, investment promotion, Intellectual Property Rights (IPR), etc.
- Key highlights
- EFTA committed to promote investments, with aim to increase stock of foreign direct investments by USD 100 billion (excluding Foreign Portfolio Investment) in India in next 15 years.
- For the first-time in history of FTAs, legal commitment made about promoting target-oriented investment and creation of jobs.
- EFTA’s market access offer covers 100% of non-agri products and tariff concession on Processed Agricultural Products (PAP).
- Commitments related to IPR in TEPA are at TRIPS level.
- Services offers from EFTA include better access through digital delivery of Services, commercial presence, and improved commitments and certainty for entry and temporary stay of key personnel.
- Provisions for Mutual Recognition Agreements in Professional Services like nursing, chartered accountants, architects etc.
- Significance of TEPA
- Foster transparency, efficiency, simplification, harmonization and consistency of trade procedures.
- Empower Indian exporters’ access to specialized inputs and create conducive trade and investment environment.
- Give impetus to “Make in India” and Atmanirbhar Bharat in sectors such as Manufacturing, Machinery, Pharmaceuticals, etc.
European Free Trade Association (EFTA)
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