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Consider the following statements regarding the Trade and Economic Partnership Agreement:
1. It sets out a target of a $100 billion investment into India from the European Free Trade Association countries.
2. Under this partnership, India is not mandated to eliminate tariffs on various products.
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?
Verified Answer
Consider the following statements regarding the Trade and Economic Par...
The India-EFTA Trade and Economic Partnership Agreement (TEPA) is the latest in India’s recent Free Trade Agreements (FTAs) which ventures into some uncharted territory.
- It is the latest in India’s Free Trade Agreements.
- Features
- Investment: TEPA sets out a target of a $100 billion investment into India from EFTA countries and consequent one million jobs over a 15-year period.
- It also provides India the ability to withdraw its tariff concessions if such expected investment is not achieved.
- If India is not satisfied, it can pull back its tariff concessions in a proportionate manner after 18 years.
- Trade in goods: India is mandated to eliminate tariff on most products within seven to 10 years.
- With regard to India’s 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.
- Trade in services: On services, both India and the EFTA members have committed to liberalisation across a wide range of sectors.
- Sustainable development: The TEPA’s chapter on Trade and Sustainable Development (TSD), comprising commitments on environment and labour aspects, represents a first for India in any FTA.
- 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.
- Intellectual Property Rights (IPR): The EFTA countries are home to several pharmaceutical and high technology MNCs, whose ask has been commitments on protection of IPRs that exceed the WTO’s Trade-Related Aspects of Intellectual Property Rights (TRIPS) Agreement.
- The TEPA’s IPR Annex requires swift rejection of “prima facie unfounded” oppositions. This potentially opens up India’s internal regulatory process to external scrutiny on whether this standard was met.
- Similarly, a statutory requirement under Indian law is filing of an annual statement on working of a patent.
- The TEPA mandates that this periodicity be increased to three years, with annual statements to be required only in specified cases, which potentially raises the concern that the statutory requirement as it exists under Indian law, may need reconsideration to make it case specific.
Hence only statement 1 is correct.
Most Upvoted Answer
Consider the following statements regarding the Trade and Economic Par...
Explanation:
1. Statement 1: Correct. The Trade and Economic Partnership Agreement between India and the European Free Trade Association (EFTA) countries aims to boost investment flows between the two sides. One of the key objectives of the agreement is to attract $100 billion in investments from the EFTA countries into India.
2. Statement 2: Incorrect. Under this partnership, India is indeed mandated to eliminate or reduce tariffs on various products to facilitate trade and investment between India and the EFTA countries. The agreement includes provisions for the reduction or elimination of tariffs on a wide range of products to promote bilateral trade.
Therefore, the correct answer is option A 1 only.
1. Statement 1: Correct. The Trade and Economic Partnership Agreement between India and the European Free Trade Association (EFTA) countries aims to boost investment flows between the two sides. One of the key objectives of the agreement is to attract $100 billion in investments from the EFTA countries into India.
2. Statement 2: Incorrect. Under this partnership, India is indeed mandated to eliminate or reduce tariffs on various products to facilitate trade and investment between India and the EFTA countries. The agreement includes provisions for the reduction or elimination of tariffs on a wide range of products to promote bilateral trade.
Therefore, the correct answer is option A 1 only.
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Consider the following statements regarding the Trade and Economic Partnership Agreement:1. It sets out a target of a $100 billion investment into India from the European Free Trade Association countries.2. Under this partnership, India is not mandated to eliminate tariffs on various products.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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