{"id":21671,"date":"2024-03-19T11:20:35","date_gmt":"2024-03-19T05:50:35","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=21671"},"modified":"2025-04-06T13:49:00","modified_gmt":"2025-04-06T08:19:00","slug":"trade-and-economic-partnership-agreement","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/trade-and-economic-partnership-agreement\/","title":{"rendered":"Trade and Economic Partnership Agreement"},"content":{"rendered":"<h2>About TEPA<\/h2>\n<ul>\n<li>Features\n<ul>\n<li>Investment: TEPA sets out a target of a\u00a0$100 billion investment into India from\u00a0EFTA countries, and consequent one million jobs over a\u00a015-year period.<\/li>\n<li>It also provides India the ability to\u00a0withdraw its tariff concessions if such expected investment is not achieved.<\/li>\n<li>If India is not satisfied, it can pull back its tariff concessions in a proportionate\u00a0manner after 18 years.<\/li>\n<li>Trade in goods: India is\u00a0mandated to eliminate tariff on most products within seven to 10 years.<\/li>\n<li>With regard to India\u2019s exports to EFTA, there will be no material impact since most products face very low or zero tariff for nations which have the Most Favoured Nation (MFN) status in EFTA countries.<\/li>\n<li>Trade in services: On services, both India and the EFTA members have committed to liberalisation across a wide range of sectors.<\/li>\n<li>Sustainable development: The TEPA\u2019s chapter on Trade and Sustainable Development (TSD), comprising commitments on\u00a0environment and labour aspects, represents a first for India in any FTA.<\/li>\n<li>The TSD chapter refers to a range of multilateral environmental agreements and labour conventions, whose implementation is based on a balance of rights and obligations.<\/li>\n<li>Intellectual property rights: the EFTA countries are home to several pharmaceutical and high technology MNCs, whose ask has been commitments on protection of intellectual property rights that exceed the WTO\u2019s Trade-Related Aspects of Intellectual Property Rights (TRIPS) Agreement.<\/li>\n<li>The TEPA\u2019s IPR Annex requires swift rejection of \u201cprima facie unfounded\u201d oppositions. This potentially opens up India\u2019s internal regulatory process to external scrutiny on whether this standard was met.\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr \/>\n<h3>Q1) What Is the Most-Favored-Nation Clause?<\/h3>\n<p>A most-favored-nation (MFN) clause requires a country providing a trade concession to one trading partner to extend the same treatment to all.1 Used in trade treaties for hundreds of years, the MFN clause and its principle of universal equal treatment underpin the World Trade Organization<\/p>\n<p><strong>Source:<\/strong> <a href=\"https:\/\/www.thehindu.com\/news\/national\/what-do-ftas-with-european-countries-signal-explained\/article67964270.ece\" target=\"_blank\" rel=\"nofollow noopener\"><u>What do FTAs with European countries signal? | Explained<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trade and Economic Partnership Agreement  sets out a target of a $100 billion investment into India from EFTA countries, and consequent one million jobs over a 15-year period.<\/p>\n","protected":false},"author":5,"featured_media":21672,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-21671","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/21671","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=21671"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/21671\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/21672"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=21671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=21671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=21671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}