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Examine the significance of international trade agreements in fostering long-term economic partnerships. How do agreements such as the EFTA-India Trade and Economic Partnership Agreement (TEPA) contribute to technological advancement and sustainable development?

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Category: Economy (GS -III),

Test Date: 13 Feb 2025

Approach:

  • Introduction: Briefly introduce the concept of international trade agreements and their role in fostering economic cooperation.
  • Discuss the EFTA-India TEPA, highlighting its goals (reducing tariffs, streamlining customs procedures, and encouraging sustainable trade practices)
  • Explain how the agreement facilitates the exchange of advanced technologies (precision engineering, renewable energy, pharmaceuticals, etc.), boosting innovation in India.
  • Address the long-term focus of such agreements, beyond market access, including creating jobs, raising investments, and contributing to social and environmental well-being.
    • Use examples from the EFTA countries' strengths to demonstrate the specific advantages of such collaborations.
  • Conclude accordingly
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