India-EFTA Trade Agreement to be Implemented from October 1
▪ The India-EFTA (European Free Trade Association) trade agreement will be implemented from October 1.
▪ EFTA includes Iceland, Liechtenstein, Norway, and Switzerland.
▪ The agreement aims to boost mutual trade and investment between India and these four countries.
▪ EFTA countries will invest ₹8.5 lakh crore (USD 100 billion) in India over 15 years:
✓ USD 50 billion in the first 10 years.
✓ USD 50 billion in the next 5 years.
▪ The investment is expected to create 10 lakh new jobs in India.
▪ India will gradually remove customs duties over 10 years on products like Swiss watches, chocolates, biscuits, and wall clocks.
About European Free Trade Association (EFTA)
▪ It is an intergovernmental organization set up for the promotion of free trade and economic integration
to the benefit of its four Member States – Iceland, Liechtenstein, Norway and Switzerland – and the benefit of their trading partners around the globe.
▪ It was established by a Convention signed in Stockholm on 4th January 1960.
China Begins Construction of World’s Largest Dam across Brahmaputra River in Tibet
▪ China has begun construction of the world’s largest dam on the Brahmaputra River in Tibet, near the Arunachal Pradesh border.
▪ India has raised concerns over the dam’s impact on the Brahmaputra River’s flow, especially for India and Bangladesh.
▪ The Brahmaputra River originates in Tibet, flows through Arunachal Pradesh and Assam, enters Bangladesh, and drains into the Bay of Bengal.
▪ India is also building dams (largest hydropower dam on the Siang River) on the Brahmaputra in Arunachal Pradesh.
