PIB Summary- 9th July, 2023 - UPSC

FTA Negotiations

• The Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles is set to visit the United Kingdom. 
• The Union Minister’s visit will centre on the current FTA negotiations between India and the United Kingdom. 
• He will also meet with ministers from member countries of the European Free Trade Association (EFTA) to review the status of the Trade and Economic Partnership Agreement (TEPA).

Free Trade Agreement (FTA)  

• A Free Trade Agreement (FTA) is an arrangement or a treaty between two or more countries to remove trade barriers and facilitate trade between them.

European Free Trade Association (EFTA) 

• The European Free Trade Association is an international organisation created as an alternative to the European Union by four European countries: Iceland, Liechtenstein, Norway, and Switzerland.
• It seeks to promote free trade and economic cooperation among its member countries as well as with other nations.
• The EFTA wants to create an environment that encourages higher investment, lowers trade barriers, and expands market access.

Trade and Economic Partnership Agreement (TEPA)

• A trade and Economic cooperation Agreement is a sort of bilateral economic cooperation agreement. 
• TEPA agreements provide negotiation flexibility because the parties involved can modify the agreement to their individual needs and interests.
• The TEPA strives to improve India’s trade and economic cooperation.

Operation Goldmine

About Operation Goldmine

• The Directorate of Revenue Intelligence (DRI) seized 48.20 kg of gold paste at Surat International Airport as part of Operation Goldmine. 
• Gold smuggling is dealt with by Operation Goldmine at the airport. 
• DRI’s action has put an end to the smuggling syndicate’s operation. These seizures are part of DRI’s ongoing endeavour to fight the smuggling of high-value commodities into the country.
• Further investigation is being conducted to determine the involvement of other individuals, including airport officials, in order to dismantle the entire syndicate.