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Consider the following statements regarding European Free Trade Association:
1. It is an intergovernmental organisation established by the Stockholm Convention.
2. All European countries are member of this organisation.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
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Consider the following statements regarding European Free Trade Associ...
India has rejected the demand of the four-nation European Free Trade Association (EFTA) for ‘data exclusivity’ provisions in the free trade agreement that both sides are negotiating.
- It is an intergovernmental organisation established in 1960 by the Stockholm Convention.
- Objective: Promotes free trade and economic integration between its members within Europe and globally.
- Member Countries: Iceland, Liechtenstein, Norway, and Switzerland.
- The members of this organization are all open, competitive economies committed to the progressive liberalisation of trade in the multinational arena as well as in free trade agreements.
- In contrast to the European Union (EU), it is not a customs union.
- Governance
- Its highest governing body is the EFTA Council. It generally meets 8 times a year at the ambassadorial level and twice a year at the ministerial level.
- EFTA Surveillance Authority (ESA): It monitors compliance with European Economic Area (EEA) rules in Iceland, Liechtenstein and Norway.
- EFTA Court: It is based in Luxembourg and has the competence and authority to settle internal and external disputes regarding the implementation, application or interpretation of the EEA agreement.
- The headquarters of the EFTA Secretariat is located in Geneva. It assists the EFTA Council in the management of relations between the 4 EFTA States and deals with the negotiation and operation of EFTA’s FTAs.
Hence only statement 1 is correct.
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Consider the following statements regarding European Free Trade Association:1. It is anintergovernmental organisationestablishedby theStockholm Convention.2. All European countries are member of this organisation.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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