Current Affairs Module
Bilateral Agreements & Treaties
Bilateral treaties, comprehensive economic cooperation pacts, and defense agreements govern commercial trade flows and strategic alliances between sovereign nations. India actively negotiates Free Trade Agreements (FTAs) and Comprehensive Economic Partnership Agreements (CEPAs) to boost trade integration and supply chain resilience. Key accords include the India-UAE CEPA, the India-Australia ECTA, and the historic Trade and Economic Partnership Agreement (TEPA) signed with the four-nation European Free Trade Association (EFTA). Examining dispute settlement clauses, tariff reduction schedules, and mutual defense cooperation frameworks deepens comprehension of bilateral diplomacy and international trade dynamics.
Key Concepts & Examination Highlights
- India and the four-nation European Free Trade Association (EFTA—Iceland, Liechtenstein, Norway, Switzerland) signed the Trade and Economic Partnership Agreement (TEPA) in March 2024, committing $100 billion in investments.
- The India-UAE Comprehensive Economic Partnership Agreement (CEPA), operationalized in May 2022, was India's first bilateral trade agreement in the Middle East.
- The India-Australia Economic Cooperation and Trade Agreement (ECTA) came into force in December 2022, eliminating tariffs on over 96% of Indian exports by value.
- The India-Middle East-Europe Economic Corridor (IMEC) MoU was signed during the 2023 G20 Summit to connect India to the Arabian Gulf and Europe via railway and maritime networks.
Curriculum & Reference Sources: Ministry of Commerce and Industry (Department of Commerce), Ministry of External Affairs, and EFTA Secretariat.