Consider the following statements regarding European Free Trade Association(EFTA). TheEuropean Free Trade Association(EFTA) is a regionaltrade organizationandfree trade areaconsisting ofall Nordic countries. The organization operates in parallel with theEuropean Union(EU) and all members are part of theSchengen Area. India has signed the Trade and Economic Partnership Agreement with European Free Trade Association (EFTA).How many of the above statements is/are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'A'. Can you explain this answer?

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Consider the following statements regarding European Free Trade Association (EFTA).

The European Free Trade Association (EFTA) is a regional trade organization and free trade area consisting of all Nordic countries.
The organization operates in parallel with the European Union (EU) and all members are part of the Schengen Area.
India has signed the Trade and Economic Partnership Agreement with European Free Trade Association (EFTA).

How many of the above statements is/are correct?

a)
Only one
b)
Only two
c)
All three
d)
None

Correct answer is option 'A'. Can you explain this answer?

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Test: Weekly Current Affairs: December 15 to 21, 2023

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Most Upvoted Answer

Consider the following statements regarding European Free Trade Associ...

Only Statement 2 is correct.

Talks about TEPA (Trade and Economic Partnership Agreement) and a Bilateral Investment Treaty (BIT) between India, and four European countries who make up the European Free Trade Association (EFTA), outside the European Union (EU): Iceland, Liechtenstein, Norway and Switzerland, began 15 years ago, and despite 20 rounds of negotiations, they have not yet been closed.
European Free Trade Association (EFTA) operates in parallel with the European Union (EU), and all four member states participate in the European Single Market and are part of the Schengen Area. They are not, however, party to the European Union Customs Union.

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Consider the following statements regarding European Free Trade Associ...

Explanation:

Statement 1: The European Free Trade Association (EFTA) is a regional trade organization and free trade area consisting of all Nordic countries.
- This statement is incorrect as EFTA is not limited to Nordic countries only. EFTA consists of four member countries: Iceland, Liechtenstein, Norway, and Switzerland. It is a separate organization from the Nordic Council.

Statement 2: The organization operates in parallel with the European Union (EU) and all members are part of the Schengen Area.
- This statement is correct. EFTA operates in parallel with the EU, and all EFTA member countries are part of the Schengen Area, which allows for passport-free travel between member countries.

Statement 3: India has signed the Trade and Economic Partnership Agreement with European Free Trade Association (EFTA).
- There is no formal Trade and Economic Partnership Agreement between India and EFTA. However, India has been exploring the possibility of a trade agreement with EFTA to enhance economic cooperation.
Therefore, the correct answer is:
a) Only one

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Consider the following statements regarding European Free Trade Association(EFTA). TheEuropean Free Trade Association(EFTA) is a regionaltrade organizationandfree trade areaconsisting ofall Nordic countries. The organization operates in parallel with theEuropean Union(EU) and all members are part of theSchengen Area. India has signed the Trade and Economic Partnership Agreement with European Free Trade Association (EFTA).How many of the above statements is/are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'A'. Can you explain this answer?

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