1st time India signed a binding investment commitment from EFTA
By iastoppers.com
India recently signed a significant trade deal with EFTA (European Free Trade Association), marking a first in world history with a binding investment commitment from EFTA.
This agreement is expected to bring in $100 billion in investment over 15 years, & focusing on diversifying imports from China.
The EFTA was established in 1960 during the Stockholm Convention, aiming to promote free trade and economic integration among its members.
EFTA consists of four member countries: Iceland, Liechtenstein, Norway, and Switzerland, known for their open and competitive economies.
Originally, EFTA was founded by 7 countries, including Austria, Denmark, Norway, Portugal, Sweden, Switzerland, and the United Kingdom, collectively referred to as the "Outer Seven."
Over the years, several countries have joined and left EFTA, with notable exits including the UK and Denmark in 1973 for the EEC, and Austria, Sweden, and Finland joining the EU in 1995.
As of 2021, EFTA stands as the 8th largest trader in services worldwide and the tenth-largest in merchandise, maintaining a significant trading partnership with the EU.
The EFTA Council, the association's highest governing body, meets regularly to discuss policy issues, manage relations with the EU, third countries, and oversee free trade agreements.
The EFTA Secretariat is relatively small, employing less than 90 people, yet it plays a crucial role in facilitating the association's activities and objectives.