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Context
Norway plans to ratify the India EFTA free trade agreement next year on march 10 at Brussels, following the signing of the agreement between India and the European Free Trade Association.
Focused areas of the pact
– Talks on Rules of origin and government procurement
- Rules of origin are laws and regulations that governments use to determine the country of origin of the imported products. They help determine the tariff concessions or applicable duties based on the origin of the goods.
- The World Trade Organization’s (WTO) Agreement on Government Procurement (GPA) is a plurilateral agreement that aims to open government procurement markets among its parties, it allows parties to open procurement activities to international competition.
- Indian stakeholders’ concerns regarding EU sustainability measures, such as Carbon Border Adjustment Mechanism and Deforestation Regulation, will be addressed.
European Free Trade Association (EFTA)
- EFTA is a free trade area and regional trade organization which constitutes Iceland, Liechtenstein, Norway, and Switzerland.
- It was born on 3 May 1960.
- Secretariat: Geneva, Switzerland.
- Member Nation: Iceland, Liechtenstein, Norway, Switzerland.
- Main tasks include maintaining and developing the EFTA Convention, managing the EEA Agreement, and developing EFTA’s worldwide network of free trade agreements.
