Consider the following statements regarding the India-EFTA partnership: 1. The India-EFTA Trade and Economic Partnership Agreement (TEPA) makes EFTA the first European bloc to have a trade pact with India. 2. The newly launched India-EFTA Desk aims to facilitate trade and investment between India and EFTA member states. 3. The EFTA bloc consists of countries like Germany, France, and Italy. Mark the correct statement from the above using the codes given below:
Both 1 and 2
Why in the News?
"India and EFTA Launch Desk to Boost Trade Ties”
Statement 1: correct
The India-EFTA Trade and Economic Partnership Agreement (TEPA) is a landmark achievement, making the European Free Trade Association (EFTA) the first European bloc to establish a formal trade agreement with India, strengthening economic ties.
Statement 2: correct
The newly established India-EFTA Desk serves as a crucial link, fostering transparency and trust. It aims to simplify business interactions, promoting trade and investment flows between India and the EFTA member states.
Statement 3: incorrect
The European Free Trade Association (EFTA) is distinct from the European Union (EU). EFTA members include Switzerland, Norway, Iceland, and Liechtenstein, while Germany, France, and Italy are prominent members of the EU.
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